Kenya Airways, Kenya’s national carrier, emerged from a long period of financial difficulty by recording its first operating profit in seven years during 2023. This marks a significant turnaround for the airline, which has struggled with debt and losses for several years.
The company announced a profit of 10.5 billion Kenyan shillings (approximately $80 million) for the year ending December 31st, 2023. This is a major improvement compared to the operating loss of 5.6 billion shillings reported in 2022. Chairman Michael Joseph hailed the achievement as a “significant milestone.”
Despite the operating profit, Kenya Airways remains in the red overall. The airline’s net loss after tax decreased to nearly 23 billion shillings, down from over 38 billion shillings the previous year.
The positive shift is attributed to a significant increase in revenue, which surged by 53% to 178 billion shillings in 2023. This growth is primarily driven by a 43% rise in passenger numbers. The airline credits its management strategies and a recovering air travel industry for the positive results.
Kenya Airways, partially owned by the Kenyan government (48.9%) and Air France-KLM (7.8%), was established in 1977 after the dissolution of East African Airways. The airline currently operates flights to 45 destinations worldwide, with a focus on 37 African routes.
