Kenya Airways posts first pretax profit since 2013

Kenya Airways posted its first pretax profit in over a decade on March 25, 2025, after the airline has struggled to accumulate a positive financial since 2013.

The Kenyan flag carrier posted a pretax profit of KShs 5.53bn ($42.8 million) for 2024, swinging from a loss of 22.86bn shillings ($176.2 million). This resulted in the airline seeing an improvement of 124% in net profit to 28bn Kenyan shillings ($215.8 million).

The airline attributed this success to the effectiveness of its recovery strategy under project Kifaru, which has focused on enhancing operational performance through various initiatives. ​This imitative was originally introduced to guide the airline's post-pandemic resurgence.

“The impressive financial performance underscores our ongoing commitment to customer focus, operational excellence, financial discipline, cultural transformation, innovation, and sustainability,” stated Michael Joseph, chairman of Kenya Airways.

Additionally, the airline's operating profit surged by 58% to 16.6bn Kenyan shilling ($128.3 million). Total revenue increased 6% to 188bn shillings ($1.5bn), driven by a 4% increase in passenger numbers totalling 5.2 million. Capacity for the year increased 10% compared to 2023. Operating costs were 171bn shillings ($1.3bn), up from 168bn shillings ($1.3bn) in 2023.  

Off the back of this impressive financial year for the airline, Kenya Airways highlighted that a current industry wide unavailability of aircraft and engines, as well as shortage of spare parts, could “likely impact the pace of the airline’s growth” in line with Project Kifaru. The airline said this in addition to the lack of sufficient capital to expand the airline.

Looking ahead to the rest of this year, the airline said it will focus on capitalisation to strengthen its financial position while addressing engine and spare parts constraints to ensure operational efficiency. Additionally, it is pursuing expansion into new markets to drive growth and enhance its competitive presence.

As of the end of the year, total assets were 179.1bn shillings ($1.4bn), with total liabilities at 297.4bn shillings ($2.3bn) and total equity at a negative 118.3bn shillings ($914.6 million).