Kenya Airways says it is aiming to raise at least $500 million in new capital, the company's CEO Allan Kilavuka told investors during a briefing after its first half 2025 results, local media reported.
The airline is in the process of identifying funding sources and securing shareholder approval, which is expected to be complete in the first quarter of 2026.
Kilavuka said this will address its fleet expansion plans. The airline reported a weak performance for the first half of the year, which was attributed to three 787-8 Dreamliners grounded for maintenance during the first half. The three aircraft represent 33% of the airline's widebody fleet. The airline said that “on a positive note”, one of the grounded 787-8 aircraft had resumed service in July 2025, with the remaining two expected to return to service later this year.
Total revenues fell from 91bn Kenyan shillings ($704.3 million) in the first half of 2024, down to 75bn shillings ($580.5 million) in the first half of this year. Operating costs were down 10% as a result of the scaled-down operations. Capacity fell around 16% in the first half.
The airline reported an operating loss of 6.2bn shillings ($48 million), compared to an operating profit of 1.3bn shillings ($10.1 million) last year. The company recorded a net loss of 12bn shillings ($92.8 million), compared to a profit of 513 million shillings ($4 million).
“Despite these challenges, Kenya Airways demonstrated resilience through disciplined cost management, operational efficiencies, and ongoing measures to strengthen its long-term position,” the airline read in its report.
Kilavuka said that passenger demand for international routes “remains robust” despite the challenges. In addition to restoring its fleet and expanding capacity, as well as raising capital to support fleet growth, the airline said it is committed to reducing costs through operational efficiencies.
“Our recovery plan gives us confidence in our ability to navigate near-term challenges while building a more competitive and sustainable airline,” said Kilavuka.
As of the end of period, the company had 4.2bn shillings ($32.5 million) in cash and cash equivalents.