KENYA Airways announced on Tuesday that it swung to an operating profit of KSh10.53bn ($80.38 million) in 2023, marking a significant turnaround from the previous year’s loss.
This achievement marks the airline’s first operating profit since 2017, attributed to a remarkable 53 percent increase in revenue, totalling KSh178.5bn.
The substantial growth in revenue was fuelled by a notable 35 percent rise in passenger numbers, reflecting an uptick in demand for Kenya Airways’ services.
However, despite the positive operating performance, the airline reported a pretax loss due to loan revaluation losses stemming from a sharp weakening of the Kenyan shilling.
Kenya Airways CEO Allan Kilavuka expressed optimism for the future, noting that the Kenyan shilling has begun to strengthen against the dollar. This positive trend in currency exchange rates bodes well for the airline’s outlook in the upcoming year.
Kenya Airways’ financial turnaround underscores its resilience and adaptability in navigating challenging market conditions. As the airline continues to capitalise on increasing passenger demand and improving currency dynamics, it looks poised for sustained growth and profitability in the foreseeable future.
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