Kenya Airways operating profit soars 216% in FY2011

Kenya Airways revenue up 21% - financial highlights for the 12 months ended 31-Mar-2011:

• Total revenue: USD988.3 million, +21.3% year-on-year;
• Total costs: USD921.4 million, +16.1%;
  • Fuel: USD68.6 million, +31.7%;
  • Landing, handling and navigation: USD465.6 million, -0.5%;
  • Aircraft maintenance: USD375.0 million, +35.9%;
• Operating profit: USD67.0 million, +216%;
• Profit before tax: USD57.6 million, +87.3%;
• Profit after tax: USD40.7 million, +73.9%;
• Total assets: USD906.7 million, +7.5%;
• Bank and cash balances: USD83.5 million, +18.5%;
• Total liabilities: USD640.2 million, +4.3%;
• Passenger numbers: 3.1 million, +8.5%;
• Load factor: 69.2%, +2.7 ppts;
• Breakeven load factor: 63.6%, +1.6 ppt. [more]

*Based on the conversion rate at USD1 = KES86.85

Kenya Airways: "The Board has taken cognisance of the anticipated traffic demand in 2011 and the pressures on yields due to escalating fuel prices. This implies that Kenya Airways has to implement appropriate strategies to enhance growth and profitability. The main drivers of improved performance are passenger numbers, better yields and more stringent cost management. The airline will therefore continue opening new routes on a selective basis, investing in its fleet development, training staff and improving its systems. Management is committed to offering a more competitive product through, inter alia, improved on-time performance in order to meet and exceed customer expectations," Evanson Mwaniki, Chairman. Source: Kenya Airways, 02-Jun-2011.