Kenya Airways Reports First Operating Profit In Seven Years [Barron's]
AIR FRANCE-KLM ADS (AFLYY)
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Source: Barrons
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. Total revenue for the year surged by 53 percent to 178 billion shillings, which the airline attributed mainly to a 35 percent growth in passenger numbers to 5.04 million, according to its audited results statement. Kenya Airways has been labouring under a mountain of debt and running losses for years despite numerous government bailouts, and like the aviation industry as a whole it was hard hit by
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