 has recorded a net profit of Sh5.4 billion in 2024—the airline’s first profit in 12 years){kind=link}
Kenya Airways Records First Profit in 12 Years, Posts Sh5.4 Billion Net Gain
Kenya Airways (KQ) has achieved a historic financial milestone, recording a net profit of Sh5.4 billion in 2024—the airline’s first profit in 12 years. This marks a dramatic turnaround from the Sh22.6 billion loss posted in 2023, primarily driven by substantial foreign exchange gains.
Kenya Airways Chief Executive Officer Allan Kilavuka hailed the achievement as a landmark moment for the national carrier. “This is the highest profit the company has reported in its history,” he noted. The airline’s earnings before interest, tax, depreciation, and amortization (EBITDA) reached 20 percent in 2024, surpassing the global industry average of 17 percent.
Currency Gains Drive Recovery
The airline’s financial resurgence was largely fueled by foreign exchange gains totaling Sh10.55 billion, a stark contrast to the Sh15.04 billion loss suffered in 2023. The strengthening of the Kenyan shilling—gaining more than 20 percent against the US dollar—significantly contributed to this turnaround.
Operational profit also rose sharply to Sh16.62 billion, up from Sh10.53 billion in the previous year. This growth was bolstered by a six percent increase in total revenue, which reached Sh188.4 billion from Sh178.4 billion in 2023.
Passenger and Cargo Growth
Kenya Airways saw a rise in passenger numbers, increasing by four percent to 5.23 million, up from 5.04 million in 2023. Cargo volumes also surged by 25 percent, reaching 70,776 tonnes compared to 56,576 tonnes the previous year.
The airline’s operational expansion played a key role in this growth. In 2024, Kenya Airways added two cargo planes to its fleet and introduced new flight routes to Mogadishu (Somalia), Maputo (Mozambique), and Eldoret. These strategic moves helped enhance revenue and improve operational efficiency.
Challenges Persist Despite Profitability
Despite the positive financial outcome, Kenya Airways continues to grapple with financial constraints, particularly in working capital. The airline remains in a negative equity position due to accumulated losses from previous years.
To secure long-term stability, Kenya Airways is actively seeking a strategic investor in 2025. A major capital injection is expected to help the airline expand its fleet, enhance service quality, and explore new routes. However, the process has been sluggish, as the Kenyan government—the airline’s principal shareholder—continues to assess potential investment options.
Kenya Airways Board Chairman Michael Joseph stressed the importance of securing additional funding. “We have achieved profitability, but the airline needs significant capital investment to sustain growth, improve passenger experiences, and expand our reach,” he stated.
Operational Hurdles to Overcome
While Kenya Airways has celebrated a financial breakthrough, challenges persist in its operations. The airline has struggled with on-time performance and experienced a higher-than-normal rate of flight cancellations in 2024. Addressing these operational inefficiencies will be a priority as the airline seeks to maintain its newfound profitability and deliver improved customer service.
As Kenya Airways charts its path forward, its ability to attract investment and sustain operational improvements will determine whether this historic profit is a one-time success or the beginning of a lasting financial recovery.
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Kenya Airways Records First Profit in 12 Years, Posts Sh5.4 Billion Net Gain