Kenya Airways PLC Audited Group Results

Kenya Airways released financial results for the nine month period ended 31st December 2017. According to the Chairman’s statement, “During the year, the Directors resolved to change the Group’s year end from 31 March to 31 December. Consequently, the financial statements cover the nine month period from 1 April 2017 to 31 December 2017. ”

“We saw our overheads stand at 15.5 billion. As much as we are not comparing like and like, when you look at what we reported in the financial year ended 31st March 2017 we ended at 24.5 billion so this was a significant drop in terms of overheads. Our operating profit rose to 1.3 billion shillings within the 9 month period,” reported Hellen Mwariri Ag. Chief Financial Officer Kenya Airways.  “We were able to improve our cabin occupancy to 76.2%. Our employee numbers remain the same, almost the same as the previous year. We are producing better results using the same number of employees,” she added.

Hellen Mwariri Ag. Chief Financial Officer Kenya Airways during the announcement of Kenya Airways full year financial results.

According to the Chairman’s statement, “Although reporting an improved performance, the airline operated in a challenging environment. During the period, fuel price continued on an upward trend closing at USD 62 per barrel hence increasing the Group’s operating costs by 9%. The Group’s revenue for the period under review were heavily impacted by the elevated political tension as a result of the prolonged electioneering period which saw reduced transit and terminating passenger through our hub at JKIA.”

” Having concluded the financial restructuring, the Group is now focused on an operational turn around that will provide a stable base for long-term growth through an optimised network that creates more connections through our hub in Nairobi, drive efficiency in-order to reduce overall costs, as well as focus on improved service quality and delivery.” The Chairman, Michael Joseph concluded.