Kenya Airways has been in the news for the negative reasons on how it is not doing well to bailout and other unpalatable news. But, last week, the carrier held it’s 46th Annual General Meeting (AGM), mapping out strategies and showing its resilience to weather the storm.
The carrier is seeing light at the end of the tunnel with far-reaching decisions taken at its AGM as it plans to reposition for efficiency, cut losses and be profitable again. Kenya Airways Board Chairman, Michael Joseph, presented to the shareholders a review of the audited financial results and business performance for the year ending December 31, 2021.
During the meeting, the shareholders adopted all the resolutions submitted in accordance with provisions of the Company’s Articles of Association,
The Companies Act, 2015, The Capital Markets Act and its Regulations, including approval and adoption of the audited financial statements, including the balance sheet for the year ended December 31, 2021, the Directors’ and Auditors’ Reports and the Directors’ Remuneration for the year ended December 31, 2021, as contained in the Annual Report and Financial Statements.
The shareholders also adopted the following resolutions on the election of directors: the election of Mr. Michael Joseph, Mr. John Ngumi, and Mr. Angus Clarke as Directors of the Company.
Mr. John Ngumi, Major Gen. (Rtd.) Michael Gichangi, Mr. John Wilson, Dr. Haron Sirima, and Ms.Caroline Armstrong were also elected as Audit and Risk Committee members. According to Mr. Joseph, the KQ business outlook remained optimistic as the financial performance improves despite prevailing challenges.
“2021 saw KQ get on a path to recovery as evidenced by the improved financial performance. We continued to deliver on our commitments, and because of the actions taken, we made significant progress from the impact of COVID-19.
“We are emerging as a better balanced and more resilient business with a sustainable future focused on the long-term business opportunities presented by the global aviation industry. “2021 saw the Group’s total revenue increase by 33 per cent to Kshs. 70,221 million despite the resurgence of various Covid-19 variants and travel bans in different countries.
The Group uplifted a total of 2.2 million passengers during the year, a 25 per cent increase compared to the prior year, while the cargo business uplifted 63,726 tonnes, recording an improvement of 29 pet cent over 2020. In addition, the Group reduced costs by 3.5 per cent and reduced lease rentals for the aircraft by Kshs. 10 billion,” he said.
On his part, Mr. Allan Kilavuka, Group MD and CEO, Kenya Airways, said that the de-risking strategy had played a key role in the improved performance of the business.