Latest news with #KShs
Zawya
26-03-2025
- Business
- Zawya
Liberty Kenya headline earnings for the full year 2024
Earnings per share increased by 112% to Kshs 2.59 Net investment income grew by 233% to Kshs 4.7 billion. Nairobi, Kenya: Liberty Kenya Holdings Plc posted a 108.5% increase in Profit after Tax to Kshs 1.402 billion for the financial year ended 31st December 2024, up from KShs 672 million in 2023. This growth is attributable to strong investment gains, increased insurance earnings, improved claims experience, and disciplined cost management across its Kenyan operations. The Group's insurance revenue rose to KShs. 10.95 billion in 2024. Insurance service expenses declined slightly by 1.1% to KShs 8.53 billion, compared to KShs 8.62 billion in 2023. Consequently, the Group reported an insurance service result of KShs 1.004 billion, representing a 5.6% growth over the KShs 951 million achieved in 2023. Net investment income surged significantly to KShs 4.741 billion, more than tripling the KShs 1.424 billion recorded in 2023. This was largely driven by a recovery in capital markets and favorable interest rate movements towards the end of the year. Earnings per share more than doubled, climbing 112% to KShs 2.59 in 2024 from KShs 1.22 in 2023, reflecting the Group's strong profitability and commitment to delivering value to its shareholders. The Group's total assets grew by 10% to close the year at KShs 48.15 billion, up from KShs 43.76 billion in 2023. This asset growth is a testament to Liberty's financial strength and its ability to meet obligations and future liabilities. 'Our strong 2024 performance reflects our consistent focus on delivering sustainable growth while protecting and growing our clients' wealth. Despite operating in a complex macroeconomic environment, our teams delivered exceptional results by combining prudent risk management, customer-centric innovation, and strong investment returns. We are confident that our strategy will continue to make financial freedom possible for all our customers, and create long-term value for all our stakeholders,' said Kieran Godden, Liberty Kenya Holdings Group Chief Executive Officer. During the year, Liberty Kenya Holdings made strategic progress in streamlining its portfolio. The sale of its 60% stake in Heritage Insurance Tanzania is well underway and has been classified as a discontinued operation in the 2024 results, in line with IFRS requirements. The transaction is expected to conclude in the first half of 2025, pending regulatory approvals. The divestiture of the Tanzanian subsidiary is not expected to materially affect the Group's future earnings. Looking ahead, the Group is cautiously optimistic. 'While the exceptional investment gains seen in 2024 may not be replicated in 2025, we remain well positioned for sustainable profitability through operational efficiency and strategic growth initiatives,' said Kieran Godden. Thanks to the strong performance, the Board has recommended a final dividend of KShs 1 per share (KShs 0.5 ordinary and KShs 0.5 special), up from KShs 0.373 in 2023, marking a significant increase in returns to shareholders. The proposed dividend will be subject to shareholder approval during the Annual General Meeting slated for 23rd May 2025.
Zawya
26-03-2025
- Business
- Zawya
Kenya Airways reports historic profit of KShs 5.4bln for the 2024 financial year
Nairobi, Kenya — Kenya Airways PLC has announced an after-tax profit of KShs 5.4 billion for the financial year ending December 31, 2024. This represents a remarkable turnaround from a loss of KShs 22.6 billion reported the previous year, reflecting an improvement of KShs 28 billion and a 124% increase in net profit. This achievement has significantly strengthened the company's financial health, positioning it for future growth and stability. This success highlights the effectiveness of the recovery strategy under Project Kifaru, which has focused on enhancing operational performance through various initiatives and delivering exceptional customer service through specific actions. This comprehensive strategy has been instrumental in our turnaround. Financial Highlights: - Turnover rose by 6%, driven by increased passenger numbers. - Total costs increased by 9%, aligning with capacity growth. - Operating profit surged by 58%, showcasing effective cost management. - Profit after tax saw a remarkable improvement of 124%. Operational Highlights: - Capacity offered increased by 10%, measured in Available Seat Kilometers (ASKs). - Passenger numbers grew by 4%, reaching an impressive total of 5.23 million. - Despite the increase in market capacity, yield remained consistent with the previous year. Commenting on the historic financial performance, 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." Allan Kilavuka, Kenya Airways' Group Managing Director and CEO, mentioned that the airline is still focused on attracting a strategic investor to ensure long-term sustainability. "Despite the ongoing global challenges faced by the aviation industry, such as shortages of aircraft, engines, and spare parts, our turnaround strategy is yielding positive results. We are dedicated to completing our capital restructuring plan to reduce financial leverage, enhance liquidity, and remain an attractive investment for strategic investors." Looking ahead, Kenya Airways is committed to optimizing its network, investing in fleet expansion, modernizing cabin interiors, and diversifying business segments to ensure sustainable growth while adapting to the evolving dynamics of the aviation industry. -Ends- About Kenya Airways: Kenya Airways (KQ), The Pride of Africa, is a leading African carrier on a mission to propel Africa's prosperity by connecting its people, cultures, and markets. We fly to 45 destinations worldwide, 37 of which are in Africa, connecting over 5 million passengers and over 70,000 Tons of cargo annually through our Hub at Nairobi's Jomo Kenyatta International Airport. As the sole African carrier in the SkyTeam Alliance, we open up a world of possibilities for our customers, connecting them to over 1,060 destinations in 173 countries. We take pride in offering a delightful flying experience with a caring African touch. Our exceptional African hospitality has consistently earned us global recognition including the prestigious Skytrax World Airline Awards where we were honoured with the Best Airline Staff and Best Airline Cabin Crew in Africa in 2024. For more information, visit or call our 24-hour Customer Services Desk at +254 20 327 4747. We are also available on Twitter: @KenyaAirways & @KQSupport, Facebook: @OfficialKenyaAirways, and Instagram: @OfficialKenyaAirways. For media enquiries, please contact Kenya Airways Corporate Communications:
