Kenya Airways Achieves Record Profit After 11 Years of Losses

Kenya Airways has made a dramatic financial comeback, reporting a net profit of KSh 5.4 billion (approx. USD 41.4 million) for the year ending December 31, 2024. This is the airline’s first full-year profit since 2012, marking a major turnaround from its KSh 22.6 billion (USD 173.4 million) loss in 2023.

Key Financial Highlights (2024)

• Net Profit: KSh 5.4 billion (USD 41.4 million)
• Operating Profit: KSh 16.6 billion (USD 127.4 million), up from KSh 10.5 billion (USD 80.6 million)
• Total Revenue: KSh 188.4 billion (USD 1.44 billion), a 6% year-over-year increase
• Passengers Carried: 5.23 million
• Cargo Volume: 70,776 tonnes, up 25% year-over-year

What Drove the Turnaround?

1. Foreign Exchange Gains

The airline posted KSh 10.5 billion (USD 80.8 million) in forex gains, thanks to a 20% appreciation of the Kenyan shilling against the US dollar reversing a forex loss of KSh 15 billion (USD 115.4 million) in 2023.

2. Improved Operational Efficiency

Operating margins jumped to 20%, outpacing the global airline average of 17%.

3. Network Expansion

New routes launched to Mogadishu, Maputo, and Eldoret boosted passenger numbers and widened cargo reach.

Outlook and Challenges

Despite the profit, Kenya Airways still grapples with a negative equity position, meaning its liabilities outweigh its assets. The government and airline leadership continue to seek a strategic investor to stabilize long-term finances and potentially fuel further fleet renewal and network expansion.

Kenya Airways’ return to profitability after more than a decade of turbulence is a historic milestone. With strategic growth, financial discipline, and expanding partnerships, the airline is once again positioning itself as a key aviation player in Africa and beyond.