Kenya Airways (KQ) has reported a record loss for the year to December 2022, after tax of KES38.26bn ($354m), compared to a loss of KES15.89bn in 2021. Despite the loss, revenues increased 66% to KES116.79bn from KES70.22bn in 2021. KQ attributed this to a recovery in passenger travel. The performance was also impacted by a one-off loan reclassification that incurred a KES18bn foreign exchange loss, and the sharp rise in the cost of fuel earlier last year, which went up 160% on the back of the weakening of the shilling. Despite the loss, KQ management has said it expects to break even next year and report a profit in 2025.