NAIROBI, Aug. 19 (Xinhua) -- Kenya Airways on Monday reported its first profit in 11 years after announcing a net profit of 513 million shillings (about 3.98 million U.S. dollars) in the first half of 2024, up from a 168.2 million shillings loss in the same period in 2023.
The airline attributed the growth to its strategic turnaround plan, Project Kifaru, which focuses on customer obsession, 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," Kenya Airways Chairman Michael Joseph told an investor briefing in Nairobi, the capital of Kenya.
Joseph said the airline's net profit saw a remarkable 102 percent improvement, highlighting the success of the ongoing recovery strategy.
He said Kenya Airways is focused on completing its capital restructuring plan to reduce financial leverage and enhance liquidity, thus ensuring a strong foundation for long-term growth and stability.
Kenya Airways recorded a 10 percent increase in passenger numbers, totaling 2.54 million during the period.
Allan Kilavuka, chief executive officer of Kenya Airways, expressed optimism that the airline's commitment and dedication to driving sustainable growth, creating value for stakeholders, and delivering world-class service to its customers are already yielding the desired results.
"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," Kilavuka said, adding the performance positions them in good stead to navigate the challenges of the aviation industry and prepare for future growth.
