Kenya Airways Announces Half Year Results

Kenya Airways has released its half year financial results, six months after the company decided to focus on both financial as well as business turnaround.

The management has expressed hope of full economic recovery with time as seen in the sentiments of the chairman of the airline who said that “the recovery may not happen now but it will happen,” as he encouraged all the stakeholders to remain on board and help the Pride of Africa to fully recover.

The company has since secured a bridge loan of 200 million US dollars out of which 100 million US dollars have been utilized to date. The company has now embarked on the process towards business sustainability.

The airline also has identified areas that need immediate and urgent attention as the airline’s sub-optimal financing, commercial efficiency, network optimization, cost containment as well as productivity.

During the first half of the current financial year, Kenya Airways took delivery of one Boeing 787-8 Dreamliner and one Boeing 738-800NG aircraft bring the total number of the fleet to 48.

Mbuvi Ngunze, the Chief Executive Officer has said that the main focus on the company will now be on the business turnaround as well as the long term capital raising plan. He said that the roadmap for this turnaround plan has already been defined in consultation with key shareholders and that the company is now in discussions on the short term financing which is required.