Kenya Airways announced on Tuesday that it recorded a pretax profit in 2024, marking its first positive earnings in more than a decade.
- Kenya Airways recorded its first pretax profit in more than a decade in 2024.
- The airline reported a significant turnaround with a pretax profit of 5.53 billion shillings.
- The airline had been operating at a loss since 2013 and fell into insolvency in 2018.
The airline, one of Africa’s largest carriers, reported a pretax profit of 5.53 billion shillings ($42.82 million) last year, a significant turnaround from the 22.86 billion shilling loss recorded in the previous year.
This positive financial performance suggests the airline may finally be on the path to recovery after years of financial struggles. It had been operating at a loss since 2013, according to Reuters.
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“This is an exemplary result, and I think we can be proud that the national carrier has produced a profit, a record-making profit, in terms of a record number of customers,” Michael Joseph, chairman of the airline’s board of directors, told a briefing.
Years of financial struggles
Kenya Airways, one of Africa’s three largest airlines, has endured prolonged financial difficulties, with mounting losses pushing it into negative equity and making it reliant on government bailouts.
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The airline fell into insolvency in 2018 after an aggressive expansion plan left it saddled with massive debt, a situation worsened by the COVID-19 pandemic, which devastated global air travel.
Compounding these challenges, a weakening Kenyan shilling and rising interest rates have made debt repayment increasingly difficult.
While this latest profit offers a glimmer of hope, Kenya Airways still faces a long road to full financial recovery.
