Kenya: KQ Bounces Back to Profitability With Sh513mn in H1

19 August 2024
Capital FM (Nairobi)
By Phidel Kizito

Nairobi — Kenya Airways (KQ) has announced a historic profit after tax of Sh513 million for the six months ending June 30, 2024.

Reduced exposures from foreign currency fluctuations and loan restructuring by the state helped grow the revenue.

Likewise, improved cargo and passenger businesses resulted in the net profit.

This represents a 102 percent rise compared to the Sh21.7 billion loss reported during the same period last year.

"We have had rough moments previously. These figures therefore are a testament to the power of what we can achieve when we work together," KQ chairman Michael Joseph said.

This is the airline's first positive half-year performance in a decade, signalling a major turnaround for the national carrier.

The national carrier also links the turnaround to a combination of operational efficiency improvements and a stronger global travel market.

Read the original article on Capital FM.

Tagged:
Copyright © 2024 Capital FM. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 500 reports a day from more than 110 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.