KQ posts Sh384m profit after tax, Board extends Naikuni’s contract
Kenya Airways chief operating officer Mbuvi Ngunze (left), the chief executive officer Titus Naikuni (centre), and finance director Alex Mbugua during an investor briefing for the release of the airlines half year results for the period ended September 2013 at the Intercontinental Hotel in Nairobi on November 13, 2013. SALATON NJAU
What you need to know:
Kenya Airways (KQ) has posted Sh384 million profit after tax in the six months to September and has extended its chief executive officer’s contract for another year
The national carrier reversed a Sh4.8 billion loss after tax in the six months ended September 2012
KQ’s chairman said that the Board had asked Titus Naikuni to continue as chief executive officer through 2014
Kenya Airways (KQ) has posted Sh384 million profit after tax in the six months to September and has extended its chief executive officer’s contract for another year.
The national carrier, which reversed a Sh4.8 billion loss after tax in the six months ended September 2012 on Wednesday said that it saved Sh2 billion from fuel and earned from hedges.
KQ’s chairman said that the Board had asked Titus Naikuni to continue as chief executive officer through 2014, as it looks for a suitable replacement.
“The recruitment process for his replacement has started to ensure a smooth hand over next year,” said Evanson Mwaniki, chairman, during an investor briefing.
KQ posted the Sh4.8 billion loss after tax on an account of a drop in passenger numbers and high fuel costs.
It also posted a Sh7.86 billion loss after tax for the full year ended March blamed on a drop in passenger numbers after several foreign governments advised their citizens against travelling to the country due to security concerns.
The airline’s shares hit a high of Sh13.70 during Tuesday’s trading at the Nairobi Securities Exchange before closing at Sh13.45 and its shares had gained 17.98 per cent when compared to Sh11.40 the opening price at the start of this year.
