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Kampala, Uganda | THE INDEPENDENT | For the first time since 2013, KQ has reported a profit before tax. This achievement marks a major turnaround for the airline, in line with the strategic recovery plan launched in 2021, executives said on Aug.19 in a notice.
In the six months to 30 June 2024, Kenya Airways PLC achieved a profit after tax of KShs 513 million, compared to the KShs 21.7 billion loss reported in the same period of last year. “This success is a direct result of our focused strategy, Project Kifaru, which emphasizes customer obsession, operational excellence, financial discipline, innovation, and sustainability.
The impressive performance reaffirms the operational viability of our business and highlights the effectiveness of our Board, Management, and Staff’s collective efforts,” management said, “These results are also a reflection of the significant gain of the Kenya Shilling exchange rate against the dollar. The Shilling improved by 18% over the period.” Total operating costs rose by 22%, aligning with the expansion of its operations as “we continue to recover from the effects of Covid-19. Direct operating costs were up 36%, Fleet ownership costs increased by 11%, whereas overheads decreased by 22% partly due to the strengthening of the Kenya Shilling against world major currencies.”
