Kenya Airways has reported its first profit since 2013, driven by higher income and lower operating costs. The national carrier posted a $3.9 million (KES513 million) net profit in H1 2024, a 102% increase from the previous year. This is a major reversal of fortune for the company, which posted a $168.3 million (KES21.7 billion) loss in H1 2023.
The company is eyeing its first full-year profit in over a decade next year.
“It goes to show what we can do as an airline. There is still room for improvement, and the board is happy with these results,” Michael Joseph, Kenya Airways chairman, said at an earnings call on Monday.
KQ’s total income rose 22% to $709.8 million (KES91.49 billion). Its operating costs dropped by 22% to $699.8 million (KES90.20 billion).
Allan Kilavuka, the airline’s group managing director, said that KQ is looking to break even by the end of 2024.
“We are not there yet, but this is a significant milestone that indicates our intention to continue transforming this organisation to a fully stable and sustainable airline so this is something we want to celebrate,” Kilavuka said.
The carrier, which the government holds a 48% stake in, was insolvent in 2018 after years of expansion left it with huge dollar-denominated debts.
