Kenya Airways (KQ) has reported remarkable progress in its business operations over the past year, culminating in a significant improvement in its financial performance. This revelation came during Kenya Airways PLC (KQ) 48th Annual General Meeting (AGM), held virtually this morning. The AGM, attended by shareholders, was presided over by Board Chairman Mr. Michael Joseph, who presented a comprehensive review of the audited financial results and business performance for the year ended December 31, 2023.
“The ongoing recovery and strategic turnaround initiatives have resulted in KQ achieving an operating profit of Ksh 10.5 billion,” said Joseph. “This milestone is particularly significant as it marks the first time in over seven years that the airline has attained such a level of financial success, signalling a positive trajectory for KQ’s future.”
Mr. Allan Kilavuka, Group Managing Director and CEO, underscored Kenya Airways’ commitment to capitalising on the achievements of its turnaround strategy, Project Kifaru. The primary focus of the strategy is the completion of the capital restructuring plan, which aims to reduce the company’s financial leverage and enhance liquidity for normalised operations.
“Through the retirement of legacy debts, strengthening of financial foundations, and pursuit of operational excellence, recapitalisation will position Kenya Airways to thrive in a competitive and dynamic aviation landscape,” said Kilavuka.
He further emphasised the airline’s dedication to improving customer experience and operational excellence, with a particular focus on enhancing On-Time Performance. “We aim to drive revenue growth by expanding operations, passenger charters, and partnerships, while remaining steadfast in fostering innovation, forging partnerships, and nurturing a culture of excellence for KQ’s sustainable success,” added Kilavuka.
The positive financial results and strategic initiatives reflect Kenya Airways’ resilience and ambition to establish itself as a leading player in the global aviation industry. As the airline continues to implement its turnaround strategy, stakeholders remain optimistic about its future prospects and sustained growth.
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