Kenya Airways has posted a Ksh. 513 Million net profit for the half year June 2024, this is a 102% rise in profitability from the Ksh. 21 Billion loss posted in a similar period last year.
The rise in profitability was on the back of a 22% rise in Total Income to Ksh. 91.4 Billion. At the same time total costs declined by 97% to 687 Million down from Ksh. 22 Billion.
This profit represents the airline’s first profitable half-year results in a decade, with the last such achievement being a KSh 384 million profit recorded in 2014.
The airline attributed the profitability to growth in the cargo sector, stabilisation of the Kenya shilling as well as growth in overall traffic. Kenya Airways experienced a 10% increase in passenger numbers, totaling 2.54 million. The airline’s capacity, measured in Available Seat Kilometers (ASKs), increased by 16% to 7.991 billion ASKs, while Revenue Passenger Kilometers (RPKs) improved by 14%.
The Kenya Airways CEO, Allan Kilavuka, had this to say, I’m also very glad that what we have communicated and promised to the market we’ve been able to fulfil. So, we’re very glad, and also given the fact that it is the first time that we’ve been able to record these results for the last 10 years, it is something that we really truly want to celebrate, and we’d like to urge you all to also celebrate with us.”
Kenya Airways Chairman, Michael Joseph, said, “The impressive performance reaffirms the operational viability of our business and underscores the effectiveness of the collective efforts by our board, management, and staff. This achievement underscores the strength and resilience of Kenya Airways as we move forward on our path to sustained profitability.”