The Kenya Airports Authority (KAA) has sunk into a Sh4.2 billion net loss for the year to June 2023, hit by a Sh5.4 billion payment to a joint venture of Chinese contractors. The payment is part of an out-of-court settlement over the cancellation of a tender to build a second terminal at Jomo Kenyatta International Airport (JKIA) nine years ago.
The loss is a major setback for KAA, which made a net profit of Sh43.3 million in the last financial year.
