Kenya Airways has announced a record net loss of Sh26.2 billion in the year ending March up from Sh25.7 billion net loss last year.
The national carrier suffered from a Sh9.7 billion foreign exchange loss and an acceleration of other costs, including interest expenses.
On the brighter side, Its revenues grew by 5% to Sh116.1 billion from Sh110.1 billion in the same period.
According to the CEO Mbuvi Ngunze, it's passengers increased to 4.23m with Africa accounting for more than half of the numbers.
"We recognize that Africa is the future. 60% of our revenue comes from Africa and we continue to grow." Mr. Mbuvi Ngunze
According to the BusinessDaily, the loss also saw the national carrier set a new record in wiping out shareholders’ equity, with the company’s net worth now at a negative Sh35.6 billion from the previous negative Sh5.9 billion.
Despite the record loss for the second year running, Ngunze said that Kenya Airways key stakeholders, including the Government of Kenya and KLM, remain supportive of the company’s efforts