Kenya Airways Achieves First Profit in Over a Decade, Eyes Strategic Investor and Expansion

Kenya Airways (KQ) has recorded a remarkable return to profitability, posting a KSh5.4 billion ($41.7 million) net profit for the financial year ending 31 December 2024. This marks the airline’s first positive bottom line since 2012, a major milestone following years of financial turbulence.

The turnaround comes after a KSh22.6 billion loss in 2023, representing a powerful recovery under the airline’s comprehensive restructuring strategy dubbed Project Kifaru.

Turnaround Driven by Forex Gains, Cost Controls, and Increased Demand

The airline attributed the improved performance to multiple factors:

• Foreign-exchange gains of KSh10.55 billion, stemming from a 20% appreciation of the Kenyan shilling against the US dollar

• A 6% increase in total revenue to KSh188.5 billion, driven by:

  • A 4% rise in passenger numbers

  • 25% growth in cargo volumes

• 58% surge in operating profit, reaching KSh16.6 billion

• A 67% drop in net finance costs, down to KSh11.1 billion

Group CEO Allan Kilavuka hailed the results as proof of the airline’s growing resilience:

“Our turnaround strategy is yielding positive results. Kenya Airways is now an attractive investment for a strategic partner, and we remain focused on reducing leverage and improving liquidity.”

Strategic Outlook: Investment, Expansion, and Modernisation

The airline is actively seeking a strategic investor to secure long-term sustainability and reduce its reliance on state support. Since falling into insolvency in 2018, Kenya Airways has leaned heavily on government assistance—most recently receiving help to settle a $150 million commercial loan in January.

Chairman Michael Joseph highlighted the operational progress:

“This profit reflects our strong operational viability. With modernised facilities and fleet expansion, our performance can only grow stronger.”

Kenya Airways plans to:

• Expand its fleet, building on last year’s addition of two freighters

• Modernise passenger cabins

• Increase route offerings and frequencies, including new routes to Mogadishu, Eldoret, and Maputo

• Double passenger numbers and revenues by 2030

• Increase cargo operations to represent 20% of total business

Infrastructure and Regional Connectivity

The government has acknowledged that Jomo Kenyatta International Airport (JKIA)—the airline’s hub—is operating beyond capacity, and plans for its modernisation are underway. A more efficient and expansive airport is expected to enhance the national carrier’s competitiveness.

A Testament to Resilience

Kenya Airways’ return to profitability is more than a financial milestone—it is a testament to resilience, strategic clarity, and Pan-African ambition. In an industry still navigating global shocks, KQ has defied odds to reclaim its position as one of Africa’s aviation leaders.

“We can be proud that the national carrier has produced a profit,” said Chairman Joseph. “This is just the beginning.”