KQ loss more than double to Ksh.38.2 billion

Kenya Airways inks deal with Dutch-based Zenz to bolster its revenue management

Kenya Airways (KQ) profit loss more than doubled when it posted Ksh.38.26 billion in full-year results for 2022.

The loss grew 1.4 times from Ksh.15.87 billion ($120.55 million) posted in 2021 and took the national carrier’s accumulated loss to Ksh.172.68 billion ($1.3 billion).

The results were announced during a virtual investor briefing, on March 27.

Costs grew from Ksh.86.4 billion ($656.29 million) to Ksh.155 billion ($1.18 billion), mainly driven by rising fuel prices. Other direct operating costs shot up due to increased capacity.

However, the board said the airline was on course to hit break-even point this year and profitability by 2024; something it has not done since 2012.

Kenya Airways saw its total revenue increase by 66 percent to Ksh.117 billion ($888.73 million) as passenger numbers rose by 68 percent to 3.7 million and cargo business uplift increased by 3.5 percent to 65,955 tonnes.

The State last year took over the Ksh.69.01 billion ($525 million) debt it had guaranteed Kenya Airways after the airline defaulted on payment.

Last month, in announcing a multi-million dollars loan for Kenya, the International Monetary Fund (IMF) highlighted that “addressing vulnerabilities” at Kenya Airways and utility Kenya Power was “urgent”.

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Lawrence Baraza is a prolific writer with competencies in Digital Media, Print, and Broadcast. Baraza is also a Communication Practitioner currently spearheading Digital content on Metropol TV's Digital Desk.

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