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Kenya’s national carrier, Kenya Airways net loss narrowed to Sh10billion in the year ending March, compared to a loss of Sh 26.2 billion it reported the year before, signaling brighter pick-up in the airline’s fortunes.
The firm’s results, announced Thursday outside its training facility, Pride Centre, similarly marked Mbuvi Ngunze’s last release of KQ financial results as Chief executive after two and a half years at the helm.
Mbuvi who is being replaced by Polish national Sebastian Mikosz as the chief executive next week in a three-year contract, will however, remain in the company as financial chief adviser for Kenya Airways for at least two months before bidding the airline his last goodbye.
“After that I will take a well-deserved rest,” Mbuvi said.
His stay at the company had been marred by dissents from pilots affiliated to Kenya Airline Pilots Association (Kalpa) who had demanded his immediate resignation and that of past Chairman Dennis Awori in July, 2016 following a record net loss of Sh26.2 billion by the airline.
Mikosz has previously served as Polish Airlines chief executive and Ceo of esKy.pl in Poland.
The carrier’s operational costs ticked higher to post Sh900million in the year, compared to operating loss of Sh 4.1 billion recorded last year, undercutting the company’s pledge.
“We have already fully implemented 342 initiatives that are delivering value. The changes made have so far resulted for example in more competitive pricing, better rates from critical suppliers, improved connectivity at the hub” said the out-going chief executive Mbuvi Ngunze.
With his pending exit, Mbuvi said the airline has now embarked on Capital Optimization plan, aimed at reducing the company’s debt and improving its liquidity.