Kenya Airways posts profit after long streak of losses
By Barack Oduor |
Kenya Airways noted that this development marks its first profit after tax for the period since 2013.
Kenya's national flying carrier, Kenya Airways, has posted its first interim net profit in over a decade during the first six months of the year, as revenues increased by more than one-fifth.
According to a report from the national flight, KQ made a net profit of KSh513 million ($3.9 million) for the six months ended June 30, against a loss of KSh21.7 billion at the same stage last year.
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Kenya Airways noted that this development marks its first profit after tax for the period since 2013.
The national carrier christened the Pride of Africa, had in 2023 posted its first interim operating profit for six years, and this year boosted operating profit for the first half by a further 30 per cent, to almost KSh1.3 billion.
"Our financial results are a clear indication that our strategic initiatives are delivering the desired outcomes. We have focused on strengthening our core operations, enhancing our customer service, and exploring new avenues for growth," Kenya Airways chief executive Allan Kilavuka said.
He added that this impressive performance now places the carrier in good stead to navigate the challenges of the aviation industry and prepare for future growth.
According to him, profit was built on revenues climbing 22 per cent to KSh91.5 billion, itself reflecting a 10 per cent jump in passenger numbers to 2.5 million on an additional 16 per cent of capacity.
Operating costs rose in line with the higher revenue, but its net performance was improved by a sharp reduction in other costs.
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