Kenya Airways Achieves KShs 5.4B Profit in 2024, Record High in 11 Years

Kenya Airways Plc has reported an after-tax profit of KShs 5.4 billion ($39.9M) for the financial year ended December 31, 2024, a record high in 11 years, marking a significant turnaround of KShs 28 billion from the previous year’s loss of KShs 22.6 billion.

The results, announced on March 25, 2025, were attributed by Kenya Airways to progress in its turnaround strategy, Project Kifaru, which focuses on operational efficiency, financial discipline, and customer-centric improvements.

According to the airline, revenue growth was supported by a 4% increase in passenger numbers and a 25% rise in cargo tonnage, while cost savings on overheads and stable currency conditions contributed to a 9% reduction in total expenses compared to the previous year.

Operating Highlights:

• Capacity offered, measured in Available Seat Kilometres (ASKs), increased by 10%.
• Cabin factor improved to 75.2%. Passenger numbers rose by 4%, reaching 5.23 million from 5.04 million.
• Yield remained consistent with the prior year despite increased market capacity.

Financial Highlights

• Turnover grew by 6%, driven by higher passenger numbers.
• Direct operating costs rose by 8%, in line with capacity growth.
• Operating profit increased by 58%. After-tax profit showed a 124% improvement year-on-year.

New Routes and Cargo Boost Amidst Global Aviation Hurdles

Kenya Airways noted that it optimised its network by resuming direct flights to Maputo and opening new routes, including Eldoret and Mogadishu.

The airline also added two cargo 737 freighters, enhancing export operations to the Middle East.

Kenya Airways highlighted challenges facing the aviation industry, including aircraft shortages and limited spare parts.

Despite these obstacles, the airline emphasised its commitment to its recovery plan, capital restructuring, and fleet modernisation to support sustained growth and financial stability.

Reducing Debt, Fleet Modernisation

Looking ahead, Kenya Airways indicated that it will continue to build on the gains made under Project Kifaru.

The airline stated that efforts are underway to complete the capital restructuring plan, aimed at reducing financial leverage and increasing liquidity.

According to Kenya Airways, plans have also been outlined to expand its fleet, modernise cabin interiors, and grow diversified business segments to support sustained progress towards stability.