Kenya Airways PLC (KQ) held its 48th Annual General Meeting (AGM) virtually this morning. The meeting, attended by shareholders, was led by Board Chairman Mr. Michael Joseph, who provided an in-depth review of the audited financial results and business performance for the year ending December 31, 2023.

During the AGM, shareholders approved all resolutions in line with the company’s Articles of Association, the Companies Act, 2015, and the Capital Markets Act and its Regulations. This included adopting the audited financial statements, the Balance Sheet for the year ending December 31, 2023, the Directors’ and Auditors’ Reports, and the Directors’ Remuneration as detailed in the Annual Report and Financial Statements.

Additionally, resolutions concerning the election of Directors, including any retirements, were passed by shareholders.

Mr. Joseph highlighted that Kenya Airways (KQ) made significant progress in its operations throughout the year, resulting in improved financial performance. He emphasized that 2023 was a pivotal year for KQ.

“The ongoing recovery and strategic turnaround initiatives have resulted in KQ achieving an operating profit of Ksh 10.5 billion. This milestone is particularly significant as it marks the first time in over seven years that the airline has attained such a level of financial success, signaling a positive trajectory for KQ’s future,” said Joseph. 

Mr. Allan Kilavuka, Group MD and CEO, emphasised Kenya Airways’ commitment to building upon the achievements of its turnaround strategy, Project Kifaru, with a primary focus on completing the capital restructuring plan. The objectives of this plan include reducing the company’s financial leverage and enhancing liquidity to ensure normalised operations. 

“Through the retirement of legacy debts, strengthening of financial foundations, and pursuit of operational excellence, recapitalization will position Kenya Airways to thrive in a competitive and dynamic aviation landscape,” said Kilavuka. 

He further stated, “Our key priorities also include enhancing customer experience and operational excellence, particularly improving our On-Time Performance. We aim to drive revenue growth by expanding operations, passenger charters, and partnerships, while remaining steadfast in fostering innovation, forging partnerships, and nurturing a culture of excellence for KQ’s sustainable success.” 

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