KQ records largest loss in history

Kenya Airways (KQ) is crying foul for a near three times loss. The expansion of the loss lies at Ksh.36.2 billion in the year ended December 31, 2020.

The loss acceleration from Ksh.13 billion is largely attributable to the collapse of its operations across 2020, on the back of COVID-19 related disruptions.

Among other hits to revenue include; a slump by 59% to Ksh.52.8 billion from a higher Ksh128.3 billion in 2019. Moreover, the sinking of passenger revenues by Ksh.69.9 billion in the period between the grounding of April and August last year.

In regards to this, passengers travelling to different destinations fell to 1.8 billion from 5.2 million in the preceding year.

Other hits to revenues include Ksh.864 million in handling services and a Ksh.5.1 billion wipe out in other revenues.

Kenya Airways Chairman Michael Joseph, says 2020 is the company’s worst year for aviation.

Additionally, KQ Chief Executive Officer Allan Kilavuka says, the difference between COVID-19 and other crises is the complete grounding of flights.

Nevertheless, the company is predicting a a slow recovery. In addition to this, it is overseeing a rebound by 2024.

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