Kenya Airways has posted a net profit of KSh 513 million for the first half of 2024, marking its first profitable period in over a decade.
This turnaround follows years of financial struggles, with the airline last reporting a profit in 2013 and facing substantial losses, including KSh 14.3 billion in 2020 and KSh 22 billion in the first half of 2023.
The airline’s recent success is attributed to a 22% increase in total income to KSh 91.49 billion and a 30% rise in operating profit, now at KSh 1.30 billion.
Kenya Airways’ financial revival is largely credited to a series of strategic cost-cutting measures, implemented under CEO Allan Kilavuka, including renegotiating supplier contracts, optimizing operations, and improving fuel efficiency. Operating costs were reduced by 22%, totaling KSh 90.20 billion.
Passenger numbers also increased by 10%, reaching 2.54 million, driven by global travel recovery and the airline’s strategic route expansion. Additionally, the cargo segment played a significant role in revenue growth, as air freight demand surged during and after the COVID-19 pandemic.
This profitability signals a promising future for Kenya Airways as it continues its efforts to streamline operations and expand its market presence.
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