Kenya Airways recorded Ksh81.25 billion in revenue in the first six months of 2026, a 9% increase from Ksh74.5 billion recorded in the first half of 2025, while the airline posted a Ksh16.1 billion loss after tax.
The revenue was the airline’s second-highest half-year performance, attributed to strong passenger demand, improved aircraft utilisation and commercial performance.
The loss compares with Ksh12.2 billion recorded in the first half of 2025, as the cost of operating the airline increased faster than revenue.
KQ’s operating costs rose 14% during the period, largely due to higher fuel prices and continued challenges in securing aircraft engines and spare parts.
Fuel costs rose 32% to Ksh29 billion, accounting for about 52% of the airline’s direct operating costs, due to a sharp rise in global jet fuel prices, which averaged $142 per barrel during the period.
In addition, the airline operated with 9% less capacity as global supply chain constraints affected aircraft availability with engine turnaround times stretched to between 90 and 120 days due to shortages of engines and spare parts.
“We grew revenue by 9% to Ksh81 billion despite operating with 9% less capacity. The improvement in our cabin factor and the strength of average coupon values demonstrate that demand for our network remains resilient,” said acting Group Managing Director and Chief Executive Officer George Kamal.
However, KQ’s cargo revenue increased by 18% to Ksh8.77 billion from Ksh7.46 billion in the corresponding period as the airline seeks to increase its share of the cargo market from 11% to 40% through a capacity purchase arrangement for a Boeing 747.
Captain Kamal disclosed that the airline has also started restoring aircraft capacity, with a Boeing 787-8 returning to service in July and a Boeing 777-300ER subsequently redelivered to KQ.
KQ Chairman Kiprono Kittony said the airline will focus on controlling costs, conserving cash, restoring fleet capacity, reducing leverage and completing its planned capital raising.
“Our focus now is firmly on recovery and building a stronger Kenya Airways. We will continue to manage costs rigorously, conserve cash, restore fleet capacity, reduce leverage and complete our capital raising,” Kittony said.
