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Kenya Airways Makes First Profit of Kshs 513 Million After 11 Years
Kenya Airways has reported its first profit in 11 years. This comes after it announced a net profit of 513 million shillings (about 3.98 million U.S. dollars) in the first half of 2024.
The profit is up from a 168.2 million shillings loss in the same period in 2023.
Kenya Airways Makes A Comeback After 11 Years
This is a significant milestone in its journey towards profitability.
The CEO, Allan Kilavuka, during a briefing, said the company was seeking to finalize negotiations with strategic equity investors, without giving details.
The airline attributed the milestone to its strategic turnaround plan, Project Kifaru, which emphasizes customer obsession, operational excellence, financial discipline, innovation, and sustainability.
Kenya Airways Chairman, Michael Joseph, said, “The impressive performance reaffirms the operational viability of our business.”
“Also, it underscores the effectiveness of the collective efforts by our board, management, and staff.”
Kenya Airway Ready To Navigate Challenges Of The Aviation Industry
Kenya Airways also recorded a 10 percent increase in passenger numbers, totaling 2.54 million during the period.
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The CEO went on to express optimism that the airline’s commitment and dedication to driving sustainable growth, creating value for stakeholders, and delivering world-class service to its customers are already yielding the desired results.
“Our financial results are a clear indication that our strategic initiatives are delivering the desired outcomes. We have focused on strengthening our core operations, enhancing our customer service, and exploring new avenues for growth,” Kilavuka said.
He also added that the performance positions them in good stead to navigate the challenges of the aviation industry and prepare for future growth.
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