Kenya Airways has expressed its determination to realise a revenue turn-around in 2024 during the national carrier’s Annual General Meeting (AGM) conducted virtually on Friday.

During the 47th AGM, KQ presented to its shareholders its audited financial results as well as its business performance for the year ended December 31, 2022 as it seeks to bounce back.

KQ Group MD and CEO Allan Kilavuka expressed optimism KQ will enjoy a strong showing in 2024 amid growing passenger numbers even as it grapples with the current high fuel prices.

“Kenya Airways remained resilient by taking advantage of the upsurge in travel demand through frequency increment and improved service offering,” said Kilavuka.

He added, “Despite some headwinds with fuel cost increasing year on year by 160 per cent, and the dollar deterioration that impacted our direct operating costs, We are confident that the restructuring initiatives introduced in 2022, the airline is poised for success and will attain its aspiration to turn around by 2024.”

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He said the support of its customers, employees, principal shareholder - the government of Kenya and other stakeholders will see it build a robust, sustainable and successful business,

Kilavuka says KQ’s de-risking strategy bore fruit as it grappled with hurdles including a 160 per cent year-on-year fuel price hikes and a dollar depreciation eating its operating costs.

On his part, KQ Chairman Michael Joseph noted that the company’s turnaround efforts that started in 2022 are being sustained and will be pushed even further into the nearby future.

Michael Joseph. PHOTO/KQ

“Our restructuring and transformation efforts led to a 66 per cent revenue increase to stand at Sh117 billion. The growth in revenue was driven by a significant increase in passenger numbers which grew by 68 per cent to 3.7 million passengers, and over 65,000 tonnes, a 3.5 per cent increase, in cargo tonnage,” said Joseph.

KQ also unveiled its inaugural sustainability report covering its pledges and performance last year with its sustainability business model adopting three pillars – economic, environmental and social.