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Kenya Airways half-year loss more than doubles to Sh21.7 billion on forex losses
A photo taken on November 5, 2022, shows Kenya Airways planes at the JKIA parking bay.
Photo credit: Simon Maina | AFP
What you need to know:
- The loss is largely attributed to foreign exchange costs resulting from a steep depreciation of the Kenyan Shilling.
- Despite the loss, the national carrier reported its first operating profit in six years.
Kenya Airways' (KQ) net loss widened to Sh21.7 billion in the half-year ended June 2023, representing more than double the Sh9.9bn loss it made in 2022. Despite this, the national carrier reported its first operating profit in six years.
The loss is largely attributed to foreign exchange costs resulting from a steep depreciation of the Kenyan Shilling. The Kenya Shilling depreciated by about 15 per cent against the US dollar between January and June.
