Kenya Airways posted a Ks5.5bn ($40.8m) pre‑tax profit in 2024, its first in 11 years, before supply‑chain shortages grounded three Boeing 787 Dreamliners—about a third of its long‑haul fleet—for most of the year. The loss of those high‑margin aircraft pushed the carrier into a Ks17.9bn pre‑tax loss for 2023, reviving concerns over cash flow and debt service.

State owner holds 48.9% and a lender consortium 37.9%, while former partner KLM retains 7.8%. Acting CEO George Kamal, a ex‑EgyptAir pilot, says overbooking and a surge in Middle‑East‑driven demand have helped revenues climb to record levels—2024 highest, 2023 second, 2025 third in the airline’s history.

Fuel costs have spiked since the February Middle‑East war, but Kamal sees room to grow by consolidating African routes, adding Asian and European destinations, and expanding the fleet to 60 aircraft by 2030 and 100 by 2035. The government is courting strategic investors, and Kamal expects a recapitalisation deal within six months, giving the carrier a path to profitability.

Despite the upside, Africa’s airline sector still earns roughly $1.30 profit per seat versus $28.60 for Gulf carriers, reflecting higher lease rates, fuel share near 40% of costs and regulatory hurdles. Kenya Airways’ MRO expansion and planned airport upgrades aim to lift margins, but state budget pressures could limit financial backing.