19 Aug 2024
Investor Relations
Financials
August 19, 2024: Kenya Airways PLC has announced a significant milestone in its journey towards profitability, marking the first time the airline has reported a profit after tax since 2013.
For the first half of the financial year ending June 30, 2024, the airline achieved a profit after tax of Kshs 513 million, from the Kshs 21.7 billion loss reported in the similar previous period.
The airline attributes the growth to its strategic turnaround plan, Project Kifaru, which emphasises customer obsession, 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," said Kenya Airways Chairman, Michael Joseph.
He added: “This achievement underscores the strength and resilience of Kenya Airways as we move forward on our path to sustained profitability.”
Operating and Financial Highlights:
Joseph said the airline remains focused on completing its capital restructuring plan to reduce financial leverage and enhance liquidity, thus ensuring a strong foundation for long-term growth and stability.
“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,” concluded Joseph.
Commenting on the improved financial performance, Allan Kilavuka, CEO of Kenya Airways, welcomed the positive performance ad observed, "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.”
As Kenya Airways continues to implement its strategic priorities, Kilavuka remained optimistic that the airlines’ commitment and dedication to driving sustainable growth, creating value for stakeholders, and delivering world-class service to its customers is already yielding desired results.
“Our commitment to operational excellence, customer satisfaction, and innovation remains strong as we continue to build a stronger and more resilient airline," said Kilavuka.
19 Aug 2024
Investor Relations
Financials
This is the first time Kenya Airways is reporting a profit after tax since 2013.
26 Mar 2024
Financials
News
Nairobi, 26th March 2024 - Kenya Airways' ongoing recovery and turnaround initiatives have resulted in the airline recording an operating profit of Ksh 10.5 billion for the year ended December 31, 2023 compared to an operating loss of Ksh 5.6 billion in the prior year, representing a 287% growth.
29 Aug 2023
Investor Relations
KQ turnaround strategy starts to bear fruit as airline reports operating profit and increased revenues. 120% improvement in Operating Profit from the operating loss of Kshs 5 billion reported in a similar period in the previous year. The Groups revenue grew by 56% to Kshs 75 billion. Passenger numbers increased by 43% to 2.3million with an increase of 56% increase in Available Seat Kilometres (ASKs). Operating costs increased by 40% due to the increase in activity, however gross profit increased by 131%. Earnings before interest, tax and depreciation (EBITDAR) grew by 7% points.
29 Aug 2023
Investor Relations
News
KQ turnaround strategy starts to bear fruit as airline reports operating profit and increased revenues. 120% improvement in Operating Profit from the operating loss of Kshs 5 billion reported in a similar period in the previous year. The Groups revenue grew by 56% to Kshs 75 billion. Passenger numbers increased by 43% to 2.3million with an increase of 56% increase in Available Seat Kilometres (ASKs). Operating costs increased by 40% due to the increase in activity, however gross profit increased by 131%. Earnings before interest, tax and depreciation (EBITDAR) grew by 7% points.