Kenya Airways Posts First Profit Since 2017

Kenya Airways has posted its first operating profit since 2017 as the carrier turns around its fortunes and charts a course for recovery.

Kenya Airways is continuing strong with its recovery and turnaround efforts by announcing an operating profit for the full year ending December 31, 2023.

Ultimately, Kenya Airways’s growth is 287% greater than the year prior, as it posted a loss in the 2022 calendar year. In total, the operating profit swung to USD 80 million for 2023.

The significant result means that for the first time since 2017, the airline has published an operating profit, and the years following 2017 were incredibly difficult for the airline.

Kenya Airways‘ CEO is proud of all those who have helped the airline move in a more positive direction, with all indications pointing towards the company being on a fantastic pathway to a strong recovery.

Kenya Airways Posts Significant Improvements

Several improvements occurred during the financial year, allowing Kenya Airways to publish its operating profit. These are related to the fleet, passengers, and much more.

Overall, passenger numbers saw an increase of around 35%, and the significant boost is now set to improve capacity across key routes worldwide.

Kenya Airways sees demand increasing and believes it is finally in a perfect position to meet that demand and latch itself onto the momentum by boosting services. Notably, Nairobi to London will see an increase.

While route increases are on the radar, new planes are also on the radar, making this growth possible. The focus is not just on passenger flights, however. The freight market has become another focal point for the company.

During the year, some inevitable areas saw results that were not optimal, such as overheads, which increased by 22%. Kenya Airways cites increasing employee costs alongside foreign currency losses as key catalysts.

Additionally, the airline said its On-Time Performance (OTP) improved to a new high of 76%, up from a staggeringly poor low of 58% recorded at the beginning of the year. As a result, it ranks as the second most efficient airline in Africa.

Comments From Executives

Our primary focus going ahead is dedicating ourselves to fostering innovation, nurturing partnerships, and cultivating a culture of excellence to ensure that Kenya Airways soars to new heights of success. Additionally, we will continue to engage government on recapitalizing the business to place Kenya Airways on a stronger footing and provide a stable base for long-term growth

Kenya Airways Group Managing Director and CEO, Allan Kilavuka
Daniel Fowkes
31 Mar 2024
· Airlines 

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