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Kenya Airways this week revealed a dramatic turnaround for the 2024 financial year, posting a net profit of approximately KSh 5 billion the first full-year profit in more than a decade. The airline attributes much of this success to the strengthening of the Kenyan shilling, which significantly reduced its foreign exchange losses.
CEO Allan Kilavuka, speaking at a press briefing, described the result as a landmark achievement. The carrier recorded an operating profit of about KSh 16.6 billion, supported by improved revenues from both passenger travel and cargo services. What truly lifted the bottom line, however, were foreign exchange gains totalling KSh 10.55 billion, a stark contrast to a loss of KSh 15 billion the previous year. The stronger shilling also brought savings of KSh 1.2 billion on foreign-denominated debt payments.
This shift signals a notable turnaround from 2023, when the airline booked a KSh 22.6 billion net loss. Speaking to reporters, Kilavuka highlighted the dual impact of the currency’s rise—reducing costs while supporting earnings—and emphasised Kenya Airways’ strategic cost management and revenue growth initiatives.
Chairman Michael Joseph noted that the airline’s earnings before interest, tax, depreciation and amortisation (EBITDAR) hit 20%, surpassing the industry average of 17%. He also called attention to the ongoing drive to secure a strategic investor, aimed at bolstering capital reserves and sustaining the recovery.
Looking ahead, Kenya Airways plans to continue strengthening its performance through fleet expansion, improved airport infrastructure—especially at Nairobi’s Jomo Kenyatta International Airport—and an expanded route network. However, Joseph cautioned that long-term success would hinge on maintaining currency stability and securing robust financial backing.
