Kenya Airways has finally broken its long streak of losses, announcing a net profit of KES5.4 billion for the financial year ending December 2024. This marks a turnaround from the US$174.6 million (about KES22.6 billion) loss recorded the previous year, ending an 11-year drought of red ink. 216,300,000

The national carrier’s dramatic recovery represents $216.3 million (about KES28 billion) year-on-year improvement, a feat that CEO Allan Kilavuka attributes to stringent cost management, operational efficiency, and strategic restructuring.

"Our 2024 financial results reflect a year of disciplined execution and steady progress in our turnaround plan. Total revenue grew by 6 percent to KES188 billion, mainly driven by 4 percent higher passenger numbers and 25 percent growth in cargo tonnage," explained Mary Mwenga, Ag. CFO, Kenya Airways.

Airline CEO Allan Kilavuka noted that, "We are grateful to the Government of Kenya and our investors for their unwavering support as we continue to build a stronger, more sustainable airline. Kenya Airways is ready for the future connecting Africa to the world, and the world to Africa." 

The airline also celebrated record-breaking performance metrics, including its highest-ever passenger numbers and revenue, underscoring a resurgence in demand and improved service delivery. 

During the year, KQ saw the number of travelers increase by 4 percent to 5.23 million while its cargo business reported a turnaround with 25 percent increase to 71,000 tonnes of cargo. 

Chairman Michael Joseph noted that these results reflect the airline’s strengthened financial health and long-term viability.

“In 2024 Kenya Airways reaffirmed progress in its turnaround strategy, Project Kifaru, resulting in the highest number of passengers that the airline has ever uplifted, the highest turnover and highest profit attained in the history of the airline,” said Michael Joseph, Kenya Airways Board Chairman.

Looking ahead, Kenya Airways plans to expand its fleet, upgrade cabin interiors, and diversify its business segments, including cargo and partnerships, to ensure sustainable growth. Another key priority is attracting a strategic investor to provide stability and fuel further expansion.

With this hard-earned return to profitability, Kenya Airways said it is now focused on maintaining its upward trajectory, proving that even after a decade of struggle, the national carrier still has the resilience to reclaim its place in Africa’s competitive aviation market.

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