Kenya’s troubled flag carrier Kenya Airways said Tuesday it had recorded an operating profit in 2023, its first in seven years.<\/p>\n
The figure of 10.5 billion Kenyan shillings (about $80 million) for the year ended December 31 represents a sharp turnaround from an operating loss of 5.6 billion shillings in 2022, with chairman Michael Joseph hailing it as a “significant milestone”.<\/p>\n
The airline, whose biggest shareholder is the Kenyan government, also said in a statement that its loss after tax had reduced to almost 23 billion shillings from more than 38 billion shillings the year before.<\/p>\n
It has been labouring under a mountain of debt and running losses for years despite numerous government bailouts.<\/p>\n
Total revenue for the year surged by 53 percent to 178 billion shillings, an increase the airline mainly attributed to a 43 percent growth in passenger numbers.<\/p>\n
“These figures highlight the airline’s remarkable performance over the year and provide encouraging signs of continued recovery within the air transportation sector,” Joseph said in a statement.<\/p>\n
“They also confirm the operational viability of the airline business and demonstrate that the management’s ongoing efforts to restore profitability are yielding positive results.”<\/p>\n
The government owns a 48.9 percent stake in Kenya Airways, while Air France-KLM has 7.8 percent.<\/p>\n
The airline was founded in 1977 following the demise of East African Airways and now flies to 45 destinations, 37 of them in Africa.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kenya’s troubled flag carrier Kenya Airways said Tuesday it had recorded an operating profit in 2023, its first in seven years. The figure of 10.5 billion Kenyan shillings (about $80 million) for the year ended December 31 represents a sharp turnaround from an operating loss of 5.6 billion shillings in 2022, with chairman Michael Joseph hailing it as a “significant milestone”. The airline, whose biggest shareholder is the Kenyan government, also said in a statement that its loss after tax had reduced to almost 23 billion shillings from more than 38 billion shillings the year before. It has been labouring […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[229],"tags":[],"class_list":["post-639924","post","type-post","status-publish","format-standard","hentry","category-civil-aviation"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/639924","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=639924"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/639924\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=639924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=639924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=639924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}