Kenya Airways reported on Wednesday that the first half of the year saw a 15% reduction in pretax loss because to an increase in passenger and cargo income brought on by the opening of borders and the relaxation of COVID-19 regulations.
Pretax losses for the airline were 9.861 billion shillings ($82.35 million), down from losses of 11.542 billion shillings a year earlier. First-half revenue jumped by 76% over the same period last year, while operational expenditures increased by 53%.
At a conference, Kenya Airways officials stated that fuel costs were a significant cost factor and that the pretax loss would have been 3.328 billion shillings at last year’s fuel rates.
According to the chief financial officer of the company, The airline did not hedge on jet fuel in the first half but occasionally does and continues to observe market developments.
Allan Kilavuka, CEO of Kenya Airways Group, is “confident” that the airline would resume growth and profitability in 2024 as a result of the restructuring and cost-reduction initiatives.