Kenya Airways has today reported a first half 2024 net profit of Kshs 513 million (US $4.0 million), their first net profit since 2013. This is compared to a H1 2023 net loss of Kshs 21.7 billion (US $168.2 million).
On Monday (August 19, 2024), Kenya Airways announced their first half (H1) 2024 financial results for the period ending June 30, 2024. The carrier reported a H1 2024 net profit of Kshs 513 million (US $4.0 million), up from a loss of Kshs 21.7 billion (US $168.2 million) during the same period last year. This is Kenya Airways’ first net profit since 2013, and the company attributes their positive H1 result to their turnaround plan called 'Project Kifaru', which emphasizes customer care, operational excellence, financial discipline, innovation and sustainability.
In Monday’s announcement, Kenya Airways’ Chairman, Michael Joseph, said,
“The impressive performance reaffirms the operational viability of our business and underscores the effectiveness of the collective efforts by our board, management, and staff. This achievement underscores the strength and resilience of Kenya Airways as we move forward on our path to sustained profitability. Kenya Airways is committed to maintaining this positive momentum, building on the success of the first half of 2024 as we continue to strive for excellence in the aviation industry.”
Also commenting on the carrier’s improved financial performance, Kenya Airways’ CEO, Allan Kilavuka, added,
“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. Our commitment to operational excellence, customer satisfaction, and innovation remains strong as we continue to build a stronger and more resilient airline.”
During H1 2024, Kenya Airways handled 2.54 million passengers, a 10 percent year-over-year increase. The carrier’s first half revenue increased 22 percent compared to H1 2023 to Kshs 91 billion (US $705.4 million).
Source: Kenya Airways
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