- The company said it was able to reduce its annual net loss by implementing various cost containment measures.
- Recall that the COVID-19 pandemic had taken a serious toll on the African aviation industry, resulting in a collective loss of $10.21 billion in 2020 and $8.6 billion in 2021, respectively.
- However, Kenya Airways’ financial troubles pre-dates the pandemic as the company last reported a profit in 2012.
Kenya Airways reported a net loss of $130.5 million (Sh15.8 billion) for the financial year ended December 31st, 2021.
Business Insider Africa understands that this indicates a 56.58% decrease when compared to the net loss of $313.2 million (Sh36.2 billion) which the airline reported during the comparable period in 2020.
The company explained that it was able to reduce its annual net loss by implementing various cost containment measures, whilst preserving and diversifying its revenue. Specifically, operating expenses were cut by 3.62%.