Kenya Airways (KQ) reported a record loss after tax of KES 38.26bn ($357m) for the financial year ending December 2022, up from KES 15.89bn in 2021. Although KQ’s revenues increased 66% to KES 116.79bn, the airline said the primary reason for the loss was a one-off loan reclassification that resulted in a KES 18bn foreign exchange loss. The carrier also had to absorb the impact of a 160% rise in fuel costs due to the weakening of the shilling. However, KQ executives remain confident it can break even by next year and return a profit by 2025.