The carrier, one of Africa's largest airlines, is due to release its 2026 half-year results early next week, with management warning that the combination of higher fuel prices, aircraft shortages and inflation is likely to weigh on its financial performance.
Acting Chief Executive Officer George Kamal said fuel costs had become one of the airline's biggest financial pressures, accounting for as much as half of its total costs.
“We have been heavily impacted by the war with the fuel prices rising by 72% in the current half year,” Kamal told journalists in Nairobi.
The increase comes at a challenging time for Kenya Airways, which is also dealing with delays in aircraft deliveries and difficulties obtaining spare parts needed to keep its fleet operational.
Kamal said reduced aircraft availability, delays in parts deliveries and rising inflation were all putting pressure on the airline and would affect revenue.
Small fleet magnifies supply problems
The global backlog in aircraft and aviation equipment supplies has affected airlines around the world, but Kamal said Kenya Airways was particularly exposed because of the relatively small size of its fleet.
The airline operates just 40 aircraft, meaning the loss or delay of even a small number of planes can have a significant impact on its ability to meet passenger demand.
“We have demand, every route we deploy ... it's full so we need the aircraft as soon as possible,” Kamal said.
Kenya Airways is waiting for two Boeing 737 aircraft to be delivered. Two additional aircraft that were expected in April were rejected after failing inspection tests, further limiting the carrier's available fleet.
The delays come as the airline seeks to take advantage of strong passenger demand across its network. However, without sufficient aircraft, it cannot easily add capacity or maintain scheduled services when planes are unavailable for maintenance.
Profit margins under pressure
The rise in fuel costs represents a major challenge for Kenya Airways because fuel is already responsible for a substantial proportion of its expenses.
Kamal said the airline was examining its spending closely as it seeks to protect its margins.
“We are reviewing every single contract at KQ (Kenya Airways) and finding how to save every dollar because our profit per seat is just $1.50 and we have to save every dollar we make,” he said.
The comments highlight the narrow margins under which the carrier is operating. Even with strong passenger demand, higher fuel expenses and other operating costs can quickly erode profitability.
Kenya Airways' financial position has already been under pressure. The airline reported a pre-tax loss of 17.93 billion Kenyan shillings ($138.56 million) last year as revenue declined, following a rare profit in the preceding period.
The carrier's upcoming half-year results will provide a clearer picture of how much the higher fuel bill and operational constraints have affected its performance during 2026.
For now, Kenya Airways is confronting a difficult combination: passengers are filling its available routes, but a shortage of aircraft is limiting capacity while the cost of operating those planes has risen sharply.
With fuel accounting for up to half of its costs and aircraft deliveries continuing to face delays, the airline's ability to control expenses and increase fleet availability will be crucial to its financial performance in the months ahead.