KQ Returns to Profitability After a Decade.

Kenya Airways has returned to profitability after a decade, recording a net profit of Sh513 million, buoyed by reduced foreign currency exposure and state-assisted loan restructuring. This marks a remarkable turnaround from the Sh21.7 billion loss incurred in the same period last year, reflecting a 102 percent improvement.

For the six months ending June 30, 2024, the airline’s total income increased by 22 percent year-over-year to Sh91.49 billion, driven by higher passenger demand and enhanced operational efficiency. Operating costs fell by 22 percent to Sh90.20 billion, leading to a 30 percent rise in operating profit, which reached Sh1.30 billion.

Kenya Airways’ Chief Financial Officer, Hellen Mwariri, highlighted a slight improvement in the operating margin, which rose by 0.1 percentage points to 1.4 percent. The most notable achievement was the shift to profitability, with the net margin improving from -28.9 percent in June 2023 to 0.6 percent in June 2024.