No dividends yet again for Kenya airways shareholders due to unfavourable business environment last year

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By JOAN WANJIKU,NAIROBI, 22ND JUNE 2018 -The elections held in August last year greatly affected the profitability of the air line.

According to the end of financial year running from January to December 31 2017 report released on Friday, the two presidential elections saw the number of passengers especially from Africa reduce significantly because of uncertainty. Kenya airways chair Michael Joseph speaking during the annual general meeting however says things are looking up for the company after the financial restructuring was finalized.

The flight number has not changed the company continues to operate the same number as previous year.

The airline also has a plan to increase the number of times its jambo jet branch to have more flights across east Africa.

EXPANSION PLANS

October 28 this year the plans are complete to roll out flights from Nairobi to new York city via Jf Kennedy airport.

More  new flights are also on way apart from the Nairobi -new York city. Direct flights to Cape Town in South Africa and Mauritius are in the pipeline.

Furthermore the company’s pride center to undergo more upgrade.

The company’s chief executive officer Sebustian Mikosz says the company will also continue to play it’s role in environmental conservation.The shareholders  however relayed their frustrations on the dividends allocations which has stalled for many years. The chair has explained that the management was upbit that the government recently announced measures to boost profitability will bear fruit within a short time and they can expect things to change soon.The company has continued to register losses having made ksh 47billion for year ended December 31 2017. The chair has however denied claims that the airline cash has been misappropriated. “We have gone through difficult time since 2016 but we are on way up.we have not defrauded you”.said Joseph.

 

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