Kenya Airways reports a historic loss of over 330 million dollars for the fiscal year of 2020. Its number of passengers dwindled by close to two-thirds, and the share loss jumped by as much.
The airline's chief executive Allan Kilavuka explained passenger numbers plummeted during last year to 1.8 million from 5.2 million in 2019. And about 70 percent of passengers the Airways served were flown the first three months of the year.
“It has been a tough year where we have faced unprecedented challenges, including COVID-19. The situation continues to be difficult even as we gradually resume our operations, mainly due to the depressed demand for air travel, with recovery to 2019 levels expected to take up to four years,’’ Kilavuka said.
The company's total turnover plummeted by 59 percent to 509 million dollars during the year under review. Its total assets also dropped by 12.5 percent to 1.5 billion dollars.