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Kenya Airways Reports FY 2021 Operating Loss of $59.2 Million on 33% Revenue Increase to $611 M

Kenya Airways has reported a full year 2021 operating loss of Kshs. 6.8 billion (US $59.2 million) on a 33 percent year-over-year increase in revenue to Kshs. 70.2 billion (US $611 million). The carrier’s 2021 operating loss was a 75 percent improvement versus FY2020.

Kenya Airways Boeing 787 Dreamliner Rendering - Courtesy Boeing

On Tuesday (March 29, 2022), Kenya Airways reported their full year financial results for the period ending December 31, 2021. The carrier reported a FY21 operating loss of Kshs. 6.8 billion (US $59.2 million), a 75 percent improvement versus FY2020. Kenya Airways’ full year 2021 revenue increased year-over-year by 33 percent to Kshs. 70.2 billion (US $611 million). During 2021, the airline carried 2.2 million passengers, a 25 percent increase compared to 2020, but 57 percent lower than FY19. The company’s cargo business handled 63,276 tonnes of freight in 2021, a year-over-year increase of 29 percent.

In Tuesday’s announcement, Kenya Airways PLC’s Chairman, Michael Joseph, said,

“The year 2021 was a challenging one for the aviation industry. Just when travel restrictions were easing up and recovery was looking good, the highly infectious Omicron variant disrupted this improved performance. Throughout the year, we continued with our efforts to improve our flexibility and service offering to customers. The restructuring and transformation initiatives made during the year 2020 lockdown contributed immensely to the recovery during the second half of the financial year 2021.”

Also commenting on the airline’s 2021 financial results, Kenya Airways Group’s Managing Director and Kenya Airways Chief Executive Officer, Allan Kilavuka, said,

“As we close out another year of operation through the global pandemic, we reflect on the journey that the airline has had this year. The leadership is committed to strengthening our business and achieving profitability by embracing the ideals of sustainable business operations anchored around resilience, innovation, and diversification. We are making investments in innovation, technology and other efficiencies that will give our employees the support they need to take care of our customers. I remain grateful to Kenya Airways’ employees for their continued commitment to our customers as it has been crucial to our ability to weather the effects of COVID-19, and it will fuel our success as we move forward.”

Kenya Airways’ 2021 total operating costs declined year-over-year by 3.6 percent, while direct operating costs increased 32.9 percent, largely attributable to rising global fuel prices. The company’s 2021 fixed costs declined by 26.7 percent on reduced fleet ownership costs and overhead.

Kenya Airways is one of Africa’s leading airlines and a member of the global SkyTeam Alliance. The carrier offers service to 41 destinations worldwide, 34 of which are in Africa, and typically carries over four million passengers annually. Kenya Airways was named Africa’s Leading Airline by the World Travel Awards in 2020. The company’s fleet of 32 aircraft, is one of the youngest in African, and includes their flagship Boeing 787 Dreamliners. Kenya Airways also offers Cargo service to key destinations including London, Amsterdam, Guangzhou, Sharjah and Mumbai, as well as on over 25 intra-African routes. The airline operates from the ultra-modern Terminal 1A at Jomo Kenyatta International Airport in Nairobi.

Source: Kenya Airways


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