“2017 started on a good note for Kenya Airways but was later affected by the political climate in the country from August into the end of the year. However, we recorded improvements in our numbers.” said Chairman, Michael Joseph.
The Pride of Africa, Kenya Airways announced its financial results for the financial year ending 31st December 2017 on 21st March 2017 where it reported an increased profit of Kshs 1.3B compared to the previous years Kshs 897 million well as a reduction in loss after tax from Kshs 25Bn.
The Directors decided to change the year end from 31st March to 31st December 2017 therefore the financial statements, covered 9 months from 1st April to 31st December 2017.
Kenya’s flag airline carrier continued its financial turnaround by having a 75% loss improvement despite rising fuel costs, a costly restructuring and a prolonged political crisis in Kenya.
The airlines restructuring involved a debt to equity conversion by making the government the largest shareholder of the airline as well selling a good number of shares to a couple of banks. Their fleet costs for that 9 month period were at 10,556 million compared to the previous year’s 15,524 million.