Singaporean and Qatari investors have shown strong interest in Kenya Airways, the national carrier of Kenya, tabling competitive bids to persuade the Government of Kenya (GOK) to grant them control of the Nairobi-based airline.
Singapore’s sovereign investment company, Temasek Holdings, plans to acquire a 90% stake in Kenya Airways, retaining a 10% ownership stake for the state. Temasek seeks to restructure the balance-sheet-constrained airline through fresh capital injections.
On the other hand, Qatar Airways plans to seal a deal that will bail out the company and initiate new investments. The agreement could see the Gulf aviation giant manage Jomo Kenyatta International Airport (JKIA) and benefit from future profits in compensation for its investment.
In October 2025, Kenya Airways and Qatar Airways launched new codeshare flights to 19 destinations, highlighting an already strong relationship between the two airlines. The codeshare flights allow Kenya Airways customers to book flights between Nairobi and Doha, as well as 10 Asian and Middle Eastern destinations via Hamad International Airport. On the other hand, Qatar Airways customers will be able to reach 8 destinations in Kenya Airways’ network, via Nairobi.
Kenya Airways Share Price Surges
Following the announcements by the two strategic investors, Kenya Airways’ share price at the Nairobi Securities Exchange (NSE) has staged a strong rally, emerging as the top gainer on a year-to-date basis as of the week ended January 23, 2026.
The counter closed the week at KES 4.6, translating to a weekly gain of 41% and a year-to-date gain of 30.3%. The volume of shares traded totaled 1 million across 449 deals, generating a turnover of KES 4.61 million. KQ’s market capitalization stood at KES 26.1 billion.
Financial Results
Before 2024, Kenya Airways’ net earnings had been in the red for more than a decade. The airline rebounded to profitability in 2024, recording net earnings of KES 5.4 billion before swinging back to a KES 12.2 billion loss in the first six months ended June 30, 2025.
KQ attributed the loss to the grounding of Boeing 787-8 Dreamliners, spare parts supply constraints, and reduced capacity. Total revenue fell by 19% to KES 74.5 billion, while operating costs eased 10% to KES 80.7 billion. Total assets inched up 0.7% to KES 180.4 billion from KES 179.1 billion. Total equity remained in the negative territory at KES 129.6 billion, highlighting the firm’s need for a strong capital injection and debt restructuring.
The state-backed airline issued a profit warning, expecting earnings for the year ended December 31, 2025, to plunge by at least 25% compared to the previous year.
