Kenya's national carrier, Kenya Airways (KQ) on Wednesday released its financial results for the year ending December 2017.
Chief Executive Officer (CEO) Sebastian Mikosz announced that the airline had managed to beat the prolonged political crisis, rising fuel costs and a costly restructuring to record a significant improvement of its financial position.
According to the report, the airline achieved an operating profit of Ksh1.3 Billion up form Ksh897 Million the previous year.
Net loss after tax reduced remarkably to Ksh5.97 Billion for the nine months to December 2017 from Ksh10.2 Billion for the 12 months to March 2017.
[caption caption="Kenya Airways CEO, MD Sebastian Mikosz with Chairman of KQ Board Michael Joseph"]
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"The last thing I would say is we’re out of trouble. It will take another two years of growth and cost control before we can say we’re more optimistic.
"2018 will be a difficult year for us with stiff competition by other players in the industry and volatility in global oil prices," the CEO noted.
The CEO further observed that the agreement between President Uhuru Kenyatta and Opposition leader Raila Odinga had served to boost the company's success.
Mr Mikosz outlined that the handshake "was well received abroad and we’re a company that operates mainly abroad".
Kenya Airways Chairman Michael Joseph assured investors that the company was in a better position encouraging them to remain confident with the brand.
Nairobi businessman Aly Khan Sachu reiterated that the handshake would benefit the airline advising that the company needed to build up financial muscle to meet its ambition.
[caption caption="Kenya Aiways CEO and MD, Sebastian Mikosz during the announcement of Kenya Airways full year financial results"]
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