Kenya Airways (KQ) profit loss more than doubled when it posted Ksh.38.26 billion in full-year results for 2022.
The loss grew 1.4 times from Ksh.15.87 billion ($120.55 million) posted in 2021 and took the national carrier’s accumulated loss to Ksh.172.68 billion ($1.3 billion).
The results were announced during a virtual investor briefing, on March 27.
Costs grew from Ksh.86.4 billion ($656.29 million) to Ksh.155 billion ($1.18 billion), mainly driven by rising fuel prices. Other direct operating costs shot up due to increased capacity.
However, the board said the airline was on course to hit break-even point this year and profitability by 2024; something it has not done since 2012.
Kenya Airways saw its total revenue increase by 66 percent to Ksh.117 billion ($888.73 million) as passenger numbers rose by 68 percent to 3.7 million and cargo business uplift increased by 3.5 percent to 65,955 tonnes.
The State last year took over the Ksh.69.01 billion ($525 million) debt it had guaranteed Kenya Airways after the airline defaulted on payment.
Last month, in announcing a multi-million dollars loan for Kenya, the International Monetary Fund (IMF) highlighted that “addressing vulnerabilities” at Kenya Airways and utility Kenya Power was “urgent”.