‘We Have Rewritten Our Flight Path’ – Kenya Airways’ Acting CFO Mary Mwenga On The Airline’s Turnaround

Kenya Airways (KQ), once weighed down by years of financial turbulence, is charting a powerful new course. In its released FY2024 results, the national carrier reported an after-tax profit of KShs 5.4 billion — a dramatic reversal from the KShs 22.6 billion loss recorded the previous year. The 124% turnaround is not merely a headline figure; it marks a bold statement of intent, resilience, and strategic reinvention.

At the heart of this transformation is Project Kifaru, a multi-year restructuring initiative launched to steer the airline out of chronic underperformance and into sustainable growth. I sat down with Mary Mwenga, the Acting Chief Financial Officer of KQ, to unpack what it took to engineer one of the most impressive corporate comebacks in recent Kenyan history. 

“This wasn’t luck. It was strategy, discipline, and execution,” Mwenga said with quiet confidence. “Project Kifaru has guided us through cost discipline, smarter route planning, digitization, and operational sustainability. FY2024 is the first real glimpse of its impact.”

Indeed, the numbers speak for themselves. Total revenue climbed by 6% to KShs 188 billion, fueled by a 4% increase in passenger numbers — now at 5.23 million — and an eye-catching 25% surge in cargo tonnage. Operational efficiency improved across the board, with EBITDA margins expanding significantly, pointing to higher yields per seat and tighter cost control.

“We’ve become leaner and smarter,” Mwenga noted. “We’ve moved away from the trap of chasing volume to focusing on profitability per passenger and per flight.”

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Unlike previous years, where performance was muddied by external bailouts or asset revaluations, KQ’s profitability this time stems from its core business operations. The airline has made notable gains in fleet utilization, reduced unproductive aircraft downtime to single digits, and streamlined maintenance processes through digitization and outsourcing.

One of the key pillars of this success has been strategic partnerships, particularly the joint venture with KLM. “This alliance is more than just a codeshare. It’s about shared operational excellence and financial discipline,” Mwenga emphasized.

On the balance sheet front, Kenya Airways has also taken strides in deleveraging. The debt-to-equity ratio has improved, thanks to positive cash flows and renegotiated terms on foreign-denominated debt. While the airline remains exposed to dollar-denominated liabilities, its revenue diversification, particularly from cargo operations, and proactive forex hedging have helped cushion the shocks.

“We are not gambling on fuel or currency. We are purposeful and budget realistically,” said Mwenga. “This year, our fuel hedging strategies saved us millions, and our working capital management ensured we didn’t need to go hunting for liquidity.”

A big part of the turnaround narrative is KQ’s digitization agenda. From predictive aircraft maintenance systems to AI-powered route scheduling and automated customer support, technology is enabling faster decision-making and lower operational costs. In particular, maintenance and catering expenses dropped sharply in FY2024, validating a shift to strategic outsourcing and smarter procurement.

And while many global carriers are chasing expensive fleet renewals, Kenya Airways is opting for fiscal prudence. Rather than acquiring new aircraft, KQ is investing in mid-life upgrades and fuel-efficiency retrofits, coupled with more flexible lease terms that align with seasonal demand.

“It’s about matching capacity to market reality,” Mwenga explained. “We’ve become very deliberate in how we structure our operations— the goal is agility without overexposure.”

Despite facing high global aviation insurance premiums and residual post-pandemic uncertainties, the airline has shown it can absorb shocks and grow. Mwenga points to margin improvements and improved ratings by global insurers as early signs of long-term relief on that front.

Looking ahead, the vision for KQ is ambitious but grounded. The airline is targeting regional dominance through partnerships, investing in AI-driven route planning, and doubling down on its cargo strategy — especially in perishables, which offer high-margin potential.

“Passenger numbers will always be sensitive to macro trends,” said Mwenga. “Cargo gives us a hedge, a counter-cyclical lever to pull.”

Internally, the airline continues to prioritize smart reinvestment in IT systems, aircraft optimization, and staff development. “We’re building a resilient airline — not just for today, but for the next decade,” she concluded.

As the sun rises on a new chapter for Kenya Airways, the message is clear: this is no fluke, and it’s far from over. The FY2024 results are not just a return to profit — they’re a signal to stakeholders that KQ is flying not only higher, but smarter.

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