NAIROBI, Kenya, Aug 29 – Kenya Airways (KQ) profit after tax grew 120 percent to Sh998 million in the half year ending July 30, compared to a loss of Sh5 billion during a similar period last year.
KQ’s improved earnings are attributed to a cabin factor of 76.1 percent, an increase in passenger numbers of 43 percent, which represents 2.3 million in headcount over the period, as well as passenger charters and ramped-up scheduled operations.
KQ’s financial recovery comes on the back of the coronavirus’ lockdown measure that grinded to a halt its business.
Its CEO, Allan Kivaluka, agreed that the airline’s new strategy improved its income.
“These results confirm the operational viability of the airline. We have enhanced our customer experience at different touchpoints, the reliability and availability of our aircraft have significantly improved,” Kilavuka said.
Likewise, the national carrier’s revenue expanded by 56 percent to Sh75 billion in the review period.
“These exceptional figures underscore the airline’s outstanding performance during the period and offer encouraging indications of ongoing recovery and turnaround initiatives that have been put in place by management to return the airline to profitability are bearing fruit,” KQ chairman Michael Joseph added.
The airline, however, faces challenges, among them legacy debts as well as loans.
