Kenya Airways has reported a loss of KES 38.26bn ($353.8m) for the year to December 2022, an increase on last year’s KES 15.89bn loss, which it blamed on a one-off foreign exchange loss of KES 18bn due to a loan-reclassification exercise. Operating costs rose from KES 77bn to KES 122.4bn in the year, largely on higher fuel prices while revenues grew 66% to KES 116.79bn due to a recovery in passenger numbers. The airline expects to break even in 2023 and make a profit by 2025. However, support from the Kenyan government will not be forthcoming beyond this year.