Kenya Airways has bounced back to profitability with a net profit of Ksh 513 million for the first six months of the year.
This is the first time the airline has posted a profit since 2013 after series of losses.
The 102pc profit gain from Ksh 21.7 billion loss the national flag carrier posted over the same period last year is on account of its strategic turnaround plan, Project Kifaru, operational excellence, financial discipline, innovation, and sustainability.
“The impressive performance reaffirms the operational viability of our business and underscores the effectiveness of the collective efforts by our board, management, and staff,” Michael Joseph, Kenya Airways Chairman.
In a year to June 30, 2024, KQ reported a 22pc revenue increase to Ksh 91 billion from Ksh 75.1 billion backed by higher passenger traffic during the period.
The airline says passenger numbers urged by 10pc to reach 2.54 million which saw its capacity, measured in Available Seat Kilometers (ASKs), rise by 16pc to 7.991 billion ASKs, while Revenue Passenger Kilometers (RPKs) improved by 14pc.
“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. This performance positions us in good stead to navigate the challenges of the aviation industry and prepare for future growth,” said Allan Kilavuka, KQ Chief Executive Officer.
Wihin the six months period, the airline posted a 22pc reduction in operating costs which declined to Ksh 74.1 billion from Ksh 90.2 billion posted over the same period last year.
The carrier closed the half year with total assets declining to Ksh 174.3 billion compared to Ksh 176.6 billion reported last year.
