Kenya Airways (KQ) has reported a record-breaking after-tax profit of Ksh5.4 billion for the financial year ending December 31, 2024, marking its first profit in 11 years.
While making the announcement on Tuesday, March 25, Kenya Airways Group CEO Allan Kilavuka attributed the airline’s financial success to the successful execution of its restructuring plan.
"I'm glad to announce the 2024 financial results. Kenya Airways has achieved the highest ever profit after-tax of KSh 5.4 billion for the financial year ended 31st December 2024.
"This is a testament that the recovery strategy is bearing fruit. These results are remarkable because they also mark the highest number of passengers that the airline has ever uplifted and the highest turnover attained in the history of the airline," he said.
Read More
The airline’s revenue also saw significant growth, driven by increased passenger demand and an expanding cargo business.
Acting Chief Financial Officer Mary Mwenga highlighted the key financial performance indicators that contributed to the historic results.
"Our 2024 financial results reflect a year of disciplined execution and steady progress in our turnaround plan. Total revenue grew by 6% to Ksh 188 billion, mainly driven by 4% higher passenger numbers and 25% growth in cargo tonnage," she stated.
Kilavuka also attributed the financial growth to the successful implementation of Project Kifaru which saw the introduce flights to new routes.
"We successfully affirmed our progress in our turnaround strategy, Project Kifaru, strengthening our position as Africa's preferred airline.
"We expanded our network with new routes such as Mogadishu, Maputo, and Eldoret offering greater convenience and improving regional connectivity," he added.
Project Kifaru is Kenya Airways' strategic recovery plan aimed at steering the airline towards profitability and sustainability.
Key initiatives under Project Kifaru include operational efficiency, sustainability projects, and operational streamlining.
