Kenya Airways (KQ) has announced a net profit of KSh513 million after tax for the half-year ending June 2024, marking its first profitable half-year since June 2013. This significant turnaround comes after the airline reported a staggering KSh21.7 billion loss during the same period last year, representing a remarkable 102% rebound.

Allan Kilavuka, CEO of Kenya Airways, attributed the profit to several key factors, including reduced exposure to foreign currency fluctuations and a successful restructuring of the airline’s loans by the Kenyan government. These measures have provided much-needed financial stability, allowing the airline to focus on its core operations.

“This profit is a testament to our commitment to turning around Kenya Airways; we have worked diligently to streamline our operations, reduce costs, and improve efficiency. The restructuring of our loans has also played a crucial role in stabilizing our financial position,” Kilavuka said.

The airline’s total income for the six months ending June 30, 2024, rose by 22% year-over-year to KSh91.49 billion, driven by renewed passenger demand and operational efficiencies. This resurgence in demand has been bolstered by the easing of travel restrictions and a gradual recovery in global tourism.

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At the same time, KQ managed to reduce its total operating costs by 22%, bringing them down to KSh90.20 billion. This reduction in expenses, combined with the increase in revenue, led to a 30% rise in operating profit, which reached KSh1.30 billion.

The airline’s impressive financial performance is a positive sign for the future, as it looks to regain its position as a leading carrier in the region. However, Kilavuka noted that there is still work to be done, emphasizing the need for continued operational improvements and strategic investments to sustain profitability in the long term.