Kenya Airways Soars to Profitability with KSh 5.4 Billion Net Earnings in 2024
Stabilised currency, improved efficiency, and leadership strategy drive national carrier’s historic turnaround
Kenya Airways (KQ) has made a remarkable financial recovery, posting a net profit of KSh 5.4 billion for the financial year ending December 31, 2024.
The announcement came during the airline’s Annual General Meeting (AGM) held on Friday, June 13, 2025.
A stark contrast to the KSh 22.7 billion loss recorded the previous year.
This marks the first time in over a decade that the national carrier has returned to profitability.
Thus, restoring confidence among shareholders, regulators, and the public.
CEO Allan Kilavuka Attributes Success to Multiple Strategic Pillars
Speaking during the AGM, CEO Allan Kilavuka noted that the airline’s resurgence was not by chance but the result of focused leadership and prudent management.
“A strong and stable currency created an economic environment that enabled our airline to perform well in 2024,” Kilavuka said.
“We also remained intentional about operational discipline, cost control, financial restructuring, and customer-centric innovation.”
Under Kilavuka’s leadership, the airline prioritized route optimization, fleet reliability, and digital transformation to enhance passenger experience and operational efficiency.
The CEO also noted that Kenya Airways is now exploring fleet expansion and sustainable aviation fuel alternatives.
And partnerships in regional hubs to sustain momentum and future-proof operations.
Strengthened Kenyan Shilling Helped Cut Costs and Boost Margins
One of the major tailwinds behind KQ’s performance was the strengthening of the Kenyan shilling.
Also, which had plunged to KSh 161 per US dollar in early 2024 before rebounding to under KSh 130 by year-end.
This recovery was largely driven by the early repayment of Kenya’s $2 billion Eurobond that was due in June 2024.
And tight monetary policy measures by the Central Bank of Kenya (CBK), including higher interest rates and foreign exchange interventions.
For Kenya Airways, which incurs significant foreign-denominated costs in fuel, aircraft leases, and maintenance.
Therefore, the stronger shilling helped reduce financial pressure and stabilise its balance sheet.
Record Revenues, Passenger Growth, and Operational Efficiency
Kenya Airways’ total income rose by 5.6% to KSh 188.5 billion in 2024, up from KSh 178.5 billion the previous year.
The airline also posted its highest-ever number of passengers flown, indicating a strong rebound in regional and international travel demand post-COVID.
Improved aircraft turnaround times, enhanced fuel efficiency, and better load factors also contributed to the performance.
According to financial analysts, the improved cost-to-income ratio and rising yields per seat kilometer signal that KQ is operating more competitively in the African aviation market.
Customer-Centric Innovations Drive Loyalty
Kenya Airways continued to invest in digital innovation and customer experience.
Including the rollout of a revamped mobile booking platform, contactless check-ins, and improved in-flight services.
The airline also expanded its loyalty program, Asante Rewards, offering better value and redemption options to frequent flyers.
As regional competition heats up, especially from airlines like Ethiopian and RwandAir, these investments are helping KQ retain customer trust and loyalty.
A Legacy of Leadership: Michael Joseph Bows Out
The AGM also marked the final public appearance of Michael Joseph as KQ Chairman, concluding a transformative nine-year tenure that began in 2016.
He formally retired from the board on June 13, 2025.
Reflecting on his journey, Joseph noted:
“When I took over as chairman, the mandate was clear — bring the airline back to profitability and define a sustainable future. It was a long and tough road, but today we see the results of that commitment.”
Under his leadership, Kenya Airways managed to weather multiple crises, including the COVID-19 pandemic, pilot strikes, and recurring debt burdens.
He also oversaw efforts to delist and later relist the airline on the Nairobi Securities Exchange (NSE) and championed the KQ-KLM strategic alliance.
Joseph earned KSh 18.225 million in director’s fees for the 2024 financial year.
His exit marks the end of an era, with the board expected to announce his successor in the coming weeks.
What Lies Ahead: Challenges and Opportunities
Despite the optimism, CEO Kilavuka cautioned that headwinds still remain.
Fuel prices continue to fluctuate, geopolitical uncertainties may affect regional connectivity, and the global aviation sector remains sensitive to economic shocks.
Nonetheless, he affirmed that the airline is committed to sustainable growth, green aviation practices, debt restructuring, and leveraging Africa’s rising aviation demand.
Kenya Airways is also expected to deepen partnerships within the African Union’s Single African Air Transport Market (SAATM) framewor.
Additionally, supportintra-African trade and tourism under the AfCFTA agreement.
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