The post-Covid improvement is materializing for Kenya Airways. The Kenyan airline, one of the five largest on the continent, returns to operating profits for the first time in seven years, thanks to an increase in the number of passengers. But Kenya Airways remains weighed down by its debt.
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Ten and a half billion Kenyan shillings, the equivalent of 74 million euros, these are the first operational profits of Kenya Airways since 2017. Good news for the Kenyan company, regularly bailed out by the State shareholder at 49%, in alongside Air France-KLM’s 8%. Last year, revenue was boosted by a 43% increase in passenger numbers.
Attendance at the Kenyan airline has almost returned to its pre-Covid level. Kenya Airways did not, however, absorb all its net losses, linked to the repayment of its loans, which were increased by the fall of the shilling against the dollar. But the outlook is better for the Kenyan exchange rate in 2024.
“ We are well on the road to recovery », welcomes CEO Allan Kilavuka. Kenya Airways is already planning to buy new planes and increase its flights, particularly on the Nairobi-London route.