Kenya Airways PLC (KQ) held its 46th Annual General Meeting (AGM) attended by its shareholders virtually. The AGM led by Kenya Airways board chairman, Michael Joseph, was the company’s third virtual AGM that presented to the shareholders a review of the audited financial results and business performance for the year ending 31st December 2021.
According to 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% 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% increase compared to the prior year, while the cargo business uplifted 63,726 tonnes, recording an improvement of 29% over 2020. In addition, the group reduced costs by 3.5% and reduced lease rentals for the aircraft by Kshs. 10 billion.