Kenya Airways has been ranked among Africa’s fastest-growing companies by the Financial Times and research firm Statista, despite the airline posting a heavy loss in 2025.

The national carrier appeared at position 67 on the FT’s Africa’s Fastest-Growing Companies 2026 list, which measures compound annual revenue growth between 2021 and 2024.

According to the ranking, Kenya Airways recorded a compound annual growth rate of 38.98 per cent over the three-year period. Its revenues rose from Ksh80.1 billion ($621.15 million) in 2021 to Ksh188.3 billion ($1.46 billion) in 2024.

The airline also increased its workforce from 3,544 employees in 2021 to 4,705 in 2024 as travel demand recovered after the Covid-19 slowdown.

The recognition comes only weeks after Kenya Airways announced a Ksh17.2 billion net loss for the financial year ended December 2025, reversing the Ksh5.4 billion profit it posted in 2024.

The airline blamed the losses on reduced operating capacity after three of its Boeing 787-8 Dreamliner aircraft were grounded because of global supply chain constraints.

Chief Financial Officer Mary Mwenga said the grounding significantly affected operations.

“What we operated in 2025 is 80 per cent of the available capacity. We are still better than 2019, when we recorded Ksh128 billion while operating at full capacity,” Mwenga said during the airline’s investor briefing in March.

Acting Group Managing Director and CEO George Kamal also said the grounding reduced the airline’s capacity by about 20 per cent.

“We have liquidity and an investor for early booking. But it is important to note that if you book today, the plane will come between 2030 to 2033,” Kamal said while explaining delays in aircraft acquisition.

The FT ranking reflects Kenya Airways’ recovery between 2021 and 2024, when international travel rebounded strongly after pandemic restrictions eased across global markets.

The list tracks revenue growth rather than profitability. This means companies can still rank highly even if they later face operational or financial difficulties.

The FT report noted that several larger and more established African companies made this year’s ranking alongside fast-growing start-ups and fintech firms.

It specifically highlighted Kenya Airways as a company on a “turnaround journey from a debt-driven near-collapse”.

Kenya firms climb rankings

Kenya’s overall performance also improved in this year’s ranking. The country placed 17 companies on the list, ahead of Nigeria’s 16. Only South Africa ranked higher with 51 companies.

Kenyan firms featured across several sectors, including energy, manufacturing, retail, healthcare, banking and technology.

Among the Kenyan companies included were M-Kopa, Naivas, Quick Mart, KCB Group, Co-operative Bank of Kenya and Kenya Power.

The report said fintech, IT and software firms still dominate the rankings, accounting for nearly 40 per cent of all companies listed. However, airlines, manufacturers, retailers and utilities also made strong appearances.

Kenya Airways’ inclusion stands out because it comes during a difficult restructuring period for the airline.

In March, the company appointed businessman Kiprono Kittony as chairman as part of efforts to strengthen governance and attract fresh investment.

Kittony said the airline’s problems were structural rather than demand-driven.

“The fundamentals for our business remain strong. We are not responding to a demand problem but a structural problem. This is a period of reset and not retreat,” he said.

“We are making decisions today to build a stronger, more resilient future.”

The airline expects two grounded Dreamliners to return to service by mid-June, while two more aircraft are expected later this year.

Management says the company is also cutting non-essential spending, restructuring operations and raising capital to stabilise the business after the difficult 2025 financial year.