Nairobi, Kenya (TAE)-In a striking turnaround from years of financial turbulence, Kenya Airways, one of Africa’s most prominent airlines, has reported an operating profit for the first time since 2017. The news, heralded by Chairman Michael Joseph as a “significant milestone,” marks a pivotal moment for the carrier, which has been grappling with considerable debts and the adverse effects of the Covid pandemic.
According to the AFP news agency, the airline’s profit exceeded $80 million (£63 million) in 2023, a notable achievement attributed largely to a surge in passenger numbers, which propelled revenue by more than 50%. This rebound is particularly remarkable considering the challenges Kenya Airways has faced in recent years, including a precarious financial situation exacerbated by global travel disruptions during the pandemic.
The government partly owns Kenya Airways, reflecting its importance to the nation’s economy and the strategic role it plays in connecting Kenya with the rest of the world. The airline’s recovery is seen not only as a testament to its resilience and the effectiveness of its management strategies but also as a positive indicator for the air transport sector’s overall recovery.
“These figures highlight the airline’s remarkable performance over the year and provide encouraging signs of continued recovery within the air transportation sector,” Mr. Joseph stated. This sentiment echoes the broader optimism now emerging within the industry, suggesting a steady path to recovery and growth in the wake of the pandemic’s challenges.
The announcement comes as a beacon of hope for Kenya Airways, signaling potential for sustained profitability and stability. As the airline continues to navigate the complexities of the global aviation market, its success in 2023 stands as a testament to the resilience and potential of Africa’s aviation industry at large.
