Kenya Airways swings into profit for first time in decade
Kenya Airways Plc posted a first-half profit for the first time in 10 years as it increased passengers and cargo volumes. KQ, as the airline is more commonly known, made a profit of 513m shillings ($3.98m) after revenue jumped 22% from a year earlier. Passenger numbers increased 10% in the six months through June. “We are not there yet, but this is a significant milestone that indicates our intention to continue transforming this organization to a fully stable and sustainable airline so this is something we want to celebrate,” CEO Allan Kilavuka said Monday during a briefing. The carrier with a 48.9% state-owned also benefited from the strengthening of the Kenya shilling. The currency has gained almost 21% against the dollar so far this year, compared with depreciation by a similar margin last year. In January, Kenya’s markets regulator extended the trading suspension of Kenya Airways shares by a further 12 months. The stock hasn’t traded since July 2020 to allow the company to complete a restructuring process. KQ is in the process of picking a strategic partner to help recapitalize the airline and expects to make an announcement by the end of the year.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2024-08-20/sky/kenya-airways-swings-into-profit-for-first-time-in-decade
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Kenya Airways swings into profit for first time in decade
Kenya Airways Plc posted a first-half profit for the first time in 10 years as it increased passengers and cargo volumes. KQ, as the airline is more commonly known, made a profit of 513m shillings ($3.98m) after revenue jumped 22% from a year earlier. Passenger numbers increased 10% in the six months through June. “We are not there yet, but this is a significant milestone that indicates our intention to continue transforming this organization to a fully stable and sustainable airline so this is something we want to celebrate,” CEO Allan Kilavuka said Monday during a briefing. The carrier with a 48.9% state-owned also benefited from the strengthening of the Kenya shilling. The currency has gained almost 21% against the dollar so far this year, compared with depreciation by a similar margin last year. In January, Kenya’s markets regulator extended the trading suspension of Kenya Airways shares by a further 12 months. The stock hasn’t traded since July 2020 to allow the company to complete a restructuring process. KQ is in the process of picking a strategic partner to help recapitalize the airline and expects to make an announcement by the end of the year.<br/>
