• Kenya Airways
  • XUGA:KA KAMPALA/Uganda
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  • About the Company
  • Kenya Airways is an international operating passenger and cargo flights to destinations in Africa, Middle East, Asia and Europe. Cross-listed in Nairobi.

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Name Title Officer Since
Mr Moses Dhizaala Chairman 2015
Mr B.S Dhaka Managing Director 2015

KEY STOCK DATA

  • Profits
  • $-94,741,013
  • P/E Ratio
  • -0.7
  • Return on Equity
  • -12.28%
  • Dividend Yield
  • 0.00%
  • Related Companies
  • Company % Change Revenue
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Revenue per year in US $
Revenue is the money a company recieves for selling its goods or providing services. The higher the revenue, the better the company is performing.

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Overseas banks have carried out an inspection of Kenya Airways’ aircrafts in preparation to repossessing them should it delay to strike a restructuring deal with local banks, the national carrier said yesterday.

In a civil application filed at the Supreme Court of Kenya last month, KQ wants three banks opposed to the debt restructuring process to be compelled to change their mind because it is ‘just and necessary to safeguard the rights and existence’ of the airline.

In an affidavit sworn by KQ’s acting group finance director, Dick Murianki, the airline blames Equity Bank, Ecobank, and Jamii Bora for delaying the restructuring process by filing cases in the High Court and the Court of Appeal.

“I confirm that the failure to determine this application and to set aside the orders granted to the first applicant (Equity Bank) will mean that the airline will in all likelihood imminently cease to operate as the financial accommodation it has been receiving from its creditors was on the basis of the restructuring being completed by end of August 2017,” explained Mr Murianki.

Court papers

Equity’s action, KQ claims, has delayed the restructuring plan and is jeopardising the entire Sh226.5 billon ($2.2 billion) owed to various creditors.

Full article at www.standardmedia.co.ke

Kenya Airways has breached the terms attached to loans worth billions of shillings from the African Export and Import Bank (Afrexim) which could impose penalties or ask for early repayment of the debt.

The multilateral lender provided the credit to help the national carrier acquire aircraft.

KQ, as the airline is known, did not specify the broken covenants but said it is seeking waivers from Afrexim.

“One of the facilities for the purchase of 10 Embraer E190 aircraft, contains some financial covenants, which are monitored against the annual audited financial statements,” the company says in its latest annual report.

“The group is not in compliance with all the financial covenants and is in the process of obtaining waivers from the financiers.”

The recent move by KQ to erase some Sh50 billion of debt by replacing the obligations with its own shares is expected to strengthen its balance sheet, improving compliance with the terms set by outstanding creditors.

The company owed Afrexim Sh21 billion as of March. The multilateral lender is owned by 38 African governments and institutional investors including South Africa’s Rand Merchant Bank.

Kenya Airways has signed a codeshare agreement with Oman Air covering services between Nairobi and the capital of the Sultanate of Oman – Muscat.

The new partnership will allow seamless connectivity to Kenya Airways customers in accessing Muscat directly from Nairobi. Oman Air launched its flights to Nairobi in March this year.

On the Nairobi – Muscat route, KQ will place its codeshare flight numbers on the Oman Air flights operating on Tuesday, Wednesday, Friday and Sunday.

“This new codeshare agreement represents an important element of our strategy to increase the choice, convenience and connectivity that Kenya Airways offers its customers,” said KQ managing director and CEO Sebastian Mikosz.

Mikosz added that code-share partnerships and airline alliances continue to play an important role for Kenya Airways in improving the airlines competitive offering.

KQ also announced it will move its operations in Paris’ Charles De Gaulle (CDG) Airport to Terminal 2E from Terminal 2C in an effort to give better services to its customers traveling to and from the French capital.

The move, starting from October 29, will see passengers’ access state of the art passenger lounges, seamless connections throughout Europe.

Full article at www.the-star.co.ke

Kenya Airways and Oman Air Oman Air has implemented a codeshare agreement with Kenya Airways (KQ) covering services between Muscat and Nairobi effective August 28, 2017. The new partnership will allow seamless connectivity to Kenya Airways customers in accessing Muscat directly from Nairobi. Oman Air launched its flights to Nairobi in March this year.

On the Nairobi – Muscat route, KQ will place its codeshare flight numbers on the Oman Air flights operating on Tuesday, Wednesday, Friday and Sunday.

On the new code share agreement, Paul Gregorowitsch, CEO, Oman Air said, “Oman Air is very happy with the implementation of this code share agreement with Kenya Airways. Through this partnership, Oman Air extends its exemplary services to guests of Kenya Airways. Trade between Kenya and Oman has been growing steadily over the years and this latest agreement with Kenya Airways is a natural progression, following the launch of our new flight from Muscat to Nairobi in March this year.”

Oman Air’s strategy reflects the country’s national character and the Omani people’s legendary hospitality and their culture of friendliness. This, combined with its internationally acclaimed services, has resulted in various important awards and accolades being bestowed by many prestigious organisations from around the world. Kenya Airways Group managing director and CEO, Sebastian Mikosz, said, “This new codeshare agreement represents an important element of our strategy to increase the choice, convenience and connectivity that Kenya Airways offers its customers. The codeshare partnerships and airline alliances continue to play an important role for Kenya Airways […]

Full article at www.gulf-times.com

Kenya Airways said Wednesday it has implemented a codeshare agreement with Omar Air covering services between its Nairobi hub and Muscat.

Kenya Airways Group CEO Sebastian Mikosz said the new partnership will allow seamless connectivity to Kenyan carrier’s customers in accessing Muscat directly from Nairobi. Oman Air launched its flights to Nairobi in March.

“This new codeshare agreement represents an important element of our strategy to increase the choice, convenience and connectivity that Kenya Airways offers its customers,” Mikosz said in a statement issued in Nairobi.

On the Nairobi-Muscat route, Kenya Airways will place its codeshare flight numbers on the Oman Air flights operating on Tuesday, Wednesday, Friday and Sunday.

Mikosz added that code-share partnerships and airline alliances continue to play an important role for Kenya Airways in improving the airlines competitive offering.

Through this partnership Kenya Airways is extending services to tourists as well as people visiting friends and families due to the close cultural links that Oman has with the coastal parts of East Africa, mainly Kenya and Tanzania.

Oman Air CEO Paul Gregorowitsch said trade between Kenya and Oman has been growing steadily over the years and this latest agreement is a natural progression, following the launch of the new flight from Muscat to Nairobi in March.Oman Air’s strategy, he stated, reflects the country’s national character and the Omani people’s legendary hospitality and their culture of friendliness.

Full article at news.xinhuanet.com

KCB CEO Joshua Oigara KCB posts Sh10.26 billion half-year net profit

Income from fees and commissions went up 14 per cent to Sh7.21 billion

Forex income rose by three per cent to Sh2.65 billion

KCB to convert its Sh2 billion debt in Kenya Airways into equity

The Kenya Commercial Bank Group has weathered the storm in the banking sector to post a net profit of Sh10.26 billion in the first six months of this year.

The results, released on Wednesday, reflect a marginal drop in profitability from the Sh10.28 billion posted last year.

The lender’s half-year profits veered from the traditional net interest income, which only grew by three per cent to Sh23.15 billion from Sh22.5 billion last year.Income from fees and commissions went up 14 per cent to Sh7.21 billion from Sh6.3 billion in 2016 while forex income rose by three per cent to Sh2.65 billion from Sh2.57 billion.“The banking sector continues to undergo numerous challenges and as a bank, our continuous innovation and customer-centric orientation ensures that we remain focused on acting as an enabler for progress to our customers,” commented KCB Group Chief Executive Joshua Oigara.The lender saw non-performing loans rise from Sh32.9 billion in 2016 to Sh33.2 billion in the six months of this year, mainly from money owed by Kenya Airways and Nakumatt, both of which are insolvent and owe the lender a total of Sh31 billion.

Full article at www.standardmedia.co.ke

Kenya Airways’s restructuring plan could suffer a blow after one of its key creditors hinted at seeking legal redress, which could effectively block its passage at a special general meeting the airline has called for next week.

The management of the Kenyan national carrier has been hoping to bring all its 11 local lenders on board while pushing its restructuring programme, which would see it swap debt for equity in the firm.

However, The EastAfrican understands that Ecobank, Equity and Jamii Bora, which are collectively owed $60.6 million, are holding out against the debt conversion plan.

Two weeks ago, the airline moved to court seeking orders compelling a group of banks to accept the planned conversion of the debts owed to them into substantial stakes.

Through its lawyers Coulson Harney, KQ wants the court’s consent to convene a creditors meeting to pass the proposed restructuring plan ahead of next week’s special general meeting with its shareholders.

“The petitioner desires to convene a statutory meeting with the scheme creditors for purposes of having them consider and vote on the scheme,” the petition papers read.

It wants to activate a clause in the Companies Act that allows distressed companies to make compromise financial arrangements with the same class of creditors if three quarters of them approve of the proposal. Airline ‘remains at risk’ The EastAfrican has since learnt that one of the lenders could be headed to court to block the conversion, arguing that the deal is not in its interest. 

The Kenya Airways Monday cancelled an unspecified number of flights after pilots refused to take up some shifts.

The airline also experienced delays of flights over the weekend following the pilots’ go-slow.

The reason for the pilots’ action was not immediately known but their union, the Kenya Airline Pilots Association (KALPA), went on strike last year demanding the exit of the then board chairman and chief executive Mbuvi Ngunze – changes which have happened.

Mr Ngunze was recently replaced by Sebastian Mikosz, who helped turned around Poland’s ailing national flag carrier LOT Polish Airlines. Former Safaricom boss Michael Joseph took over as chair from Dennis Awori.

“We have cancelled and combined some flights to manage the situation and to ensure our affected guests are taken care of,” Kenya Airways said in a statement.

The first statement from the airline was issued on Saturday following the cancellation of eight flights at the Jomo Kenyatta International Airport.

“Kenya airways advises that some flights are still disrupted due to crew constraints. This may also affect some flights tomorrow,” said KQ on Saturday.”We have reached out to our pilot fraternity to resolve the matter as we strive to return to normalcy as soon as possible.”The go-slow adds to the setbacks KQ faces as the peak season gathers pace. Last week, its Boeing 737-800 was grounded following an accident.KALPA officials did not pick our phone calls for comment.The pilots are said to have withdrawn goodwill, which refers to a deal that allows the pilots to be voluntarily available for work […]

In April this year, Kenya Airways (KQ) opened a state-of-the-art cargo express centre at Jomo Kenyatta International Airport. The centre is aimed at improving KQ’s cargo revenue as part of its turnaround strategy “Operation Pride” while catering to the needs of premium cargo clients who require express services. In an interview to Twinkle Sahita, Peter Musola, General Manager, Kenya Airways Cargo , talks about the new facility and how it will be a one-stop solution for airlines and freight forwarders to enhance efficiency in e-commerce logistics. Musola shares the carrier’s focus on pharmaceuticals and highlights other strategic moves to maintain competitiveness with other carriers in Africa as well as across the globe.

Building competitiveness

How has Q1 2017 been for Kenya Airways Cargo?
We are seeing a remarkable growth in our total traffic. Year on year, we have seen a growth of about 5.1 percent which is very positive. Secondly, we have also invested heavily in infrastructure. In April, we launched a state-of-the-art express centre in Africa, which will position our airline perfectly well for the expansion of the express product as well to tap e-commerce opportunities. We are also looking at enhancing our warehouse quality. We have engaged special pharmaceutical consultants who are going to help us to obtain CEIV and GDP certifications. We believe that these strategic moves will really entrench Kenya Airways as a formidable carrier for the future.

Deep cost-cutting helped Kenya Airways reduce its full-year net loss by more than half to Sh10.2 billion ($96m), showing some green shoots of hope for the national carrier, which is however beset by a flagging topline and wider erosion of shareholders’ capital.

KQ, as the carrier is known by its international code, on Thursday reported a 60.9 per cent drop in its net loss for the 12 months ended March from last year’s Sh26.2 billion ($253m).

The apparent upturn was, however, dampened by a Sh10 billion shrinkage in its turnover to Sh106 billion, while the airline’s book value sank Sh9.2 billion more into the negative to Sh44.9 billion, reflecting erosion by years of losses and negative fluctuations on the carrier’s mountain of foreign currency denominated loans.

“Our operating costs reduced significantly due to the turnaround efforts. We posted an operating profit of nearly Sh900 million compared to a Sh4.1 billion loss last year,” KQ chief executive, Mbuvi Ngunze, said when releasing the results.

Operating costs dropped by Sh14.9 billion to Sh105.4 billion, with the biggest savings coming from lower fleet ownership costs following the offloading of several aircraft in the year.

KQ subleased three Boeing 777s, two Boeing 787s and sold two Boeing 777s, bringing fleet costs down by Sh14 billion to Sh15.5 billion.