Kenya Airways (KQ) has reported its first after-tax profit in more than a decade, driven by a 10% year-on-year increase in passenger numbers and 16% capacity expansion.

The national carrier achieved an operating profit of Kshs 513 million (€3.6m) in the first half of 2024 – the first time it has reported a profit after tax since 2013, which is a remarkable turnaround from the Kshs 21.7 billion (€152.7m) loss suffered in the first half of 2023.

KQ attributes the growth to its strategic turnaround plan, Project Kifaru, which emphasises customer service, operational excellence, financial discipline, innovation and sustainability.

"The impressive performance reaffirms the operational viability of our business and underscores the effectiveness of the collective efforts by our board, management and staff," said Kenya Airways Chairman, Michael Joseph.

“This achievement underscores the strength and resilience of Kenya Airways as we move forward on our path to sustained profitability.”

Passenger numbers grew by 10% to 2.54 million with capacity (measured in available seat kilometres) increased by 16% to 7.991 billion. Total revenue surged by 22% to Kshs 91 billion (€640.4m) with a 14% improvement in revenue passenger kilometres. The airline counteracted a 22% rise in operating costs with a 22% reduction in overheads.

Joseph said KQ remains focused on completing its capital restructuring plan to reduce financial leverage and enhance liquidity and thus ensure a solid foundation for long-term growth and stability.

“Kenya Airways is committed to maintaining this positive momentum, building on the success of the first half of 2024 as we continue to strive for excellence in the aviation industry.”

KQ CEO Allan Kilavuka said the financial results clearly indicate the airline’s strategic initiatives are delivering desired outcomes.

“We have focused on strengthening our core operations, enhancing our customer service and exploring new avenues for growth. This performance positions us in good stead to navigate the challenges of the aviation industry and prepare for future growth.”