Kenya Airways cuts 2021 net loss to Sh15.9 billion
Kenya Airways net loss for the year ended December 2021 dropped by more than 50 per cent, helped by increased revenue on domestic and regional routes.
It also kept stringent controls on its operating costs to deliver the returns but remains far from turning a profit. The struggling national carrier reported that its net loss dropped 56.58 per cent to Sh15.88 billion compared with a record loss of Sh36.57 billion the previous year.
It has blamed the onslaught of Omicron virus that led to grounding of planes and shut down of some routes. The airline’s total revenue jumped 32.98 per cent to Sh70.22 billion, while operating costs fell 3.62 percent to Sh77.02 billion, according the financial statement released yesterday.
“Kenya Airways took advantage of the lockdown period to restructure and transform operations and products,” chairman Michael Joseph (pictured) said in the statement. “We have seen some good recovery in our domestic, regional and selected international routes.”
The group airlifted a total of 2.2 million passengers in the year under review which is a 25 per cent increase. This is, however, 57 per cent lower compared to the year 2019 before the pandemic struck Kenya.
Cargo business was, however, up by 29 per cent delivering over 63,000 tonnes and helping KQ stay afloat.
The company said its operating costs were down 3.6 per cent.
