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President Ruto Wants to Revive Kenya Airways into Financial Stability in his First Year in Office

Kenyan president William Ruto attended the Washington US-Africa Business Summit with one of his major goals being to get investors to turn around the fortunes of the country’s national carrier Kenya Airways which last recorded profits 10 years ago. Ruto identified a potential investor in Delta Air Lines, holding discussions with the carrier’s executive vice president for external affairs Peter Carter “on building partnerships to make both airlines competitive and attractive.” After it made net earnings of $15 million in 2012, Kenya Airways has since been a loss-making airline, sinking deeper into financial turbulence with a net loss of $82.4 million in the half year to June 2022. Tax payers have been consistently bailing out the airline but its books remain in total disarray, with total revenue slumping by 58.9% to $481 million while accumulated losses rose to $585 million last year.

SOURCE:QUARTZ AFRICA

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