Elijah Ntongai, a journalist at TUKO.co.ke, has over four years of financial, business, and technology research and reporting experience, providing insights into Kenyan and global trends.

Kenya Airways (KQ) held its annual general meeting (AGM) on Friday, June 13, 2025.

The 2025 Kenya Airways AGM came on the backdrop of a an excellent annual performance in 2024, where the airline reported a swing from the KSh 22.7 billion loss recorded in 2023 to a net profit of KSh 5.4 billion for the financial year ending December 31, 2024.

The airline's total income grew to KSh 188.5 billion, a 5.6% increase from the KSh 178.5 billion reported in 2023.

Speaking during the AGM, KQ CEO, Allan Kilavuka, noted that the stabilisation of the foreign exchange rates played a significant role in the airline's financial books for the year 2024.

"A strong and stable currency created an economic environment that enabled our airline to perform well in 2024. We focused on operational discipline, financial restructuring and customer-centric innovation," Kilavuka said.

The Kenyan shilling suffered major depreciations in 2023 and early 2024, dropping to a historic low of KSh 161 against the US dollar.

However, the shilling was able to recover and settle below KSh 130 per US dollar following the early repayment of the Eurobond that was maturing in June 2024 and the tight monetary policies implemented by the Central Bank of Kenya among other factors.

Apart from the stable exchange rate the airline has also been taking steps to enhance KQ's operational capacity. Speaking during the release of the 2024 full year results in March, Kenya Airways PLC Chairman Michael Joseph stated;

"These results not only set records for the highest number of passengers and turnover in Kenya Airways' history but also signify our strong operational viability and resilience. The impressive financial performance underscores our ongoing commitment to customer focus, operational excellence, financial discipline, cultural transformation, innovation, and sustainability."

During the AGM Michael Joseph explained that when he took over as the KQ chairman in 2016 the goal was to the airline to profitability and develop a strategy for the future.

"There have been many milestones on this journey, both good and bad. It is therefore with great gratitude that I can proudly say the fruits of the efforts we have been putting in have begun to show. Despite the mix of challenges and opportunities, our Airline emerged stronger. We delivered a historic turnaround with a net profit of KSh 5.4 billion, starkly contrasting to the prior year's loss of KSh 22.7 billion. This resilience should reassure our stakeholders of our ability to weather industry storms," the chairman said.

Earlier, TUKO.co.ke reported that Joseph has officially retired from Kenya Airways (KQ) on June 13, 2025, after serving as board chairman and director for nine years, having joined the board in 2016.

His tenure was marked by a turbulent yet transformative period for the national carrier, including navigating the COVID-19 crisis, leading major reorganisations, and overseeing a successful turnaround strategy that culminated in KQ registering a record profit in 2024.

Under his leadership, the airline also resumed share trading at the Nairobi Securities Exchange (NSE). Joseph earned KSh 18.225 million in the 2024 financial year.

Source: TUKO.co.ke