Last week, the Pride of Africa-Kenya Airways, announced its biggest ever annual loss sending shock waves in the country and across borders. The national carrier plunged into a record Sh25.7 billion loss after tax for the 12 months that ended in March, the worst performance in the country’s corporate history.
The announcement was made by incumbent by CEO, Mr Mbuvi Ngunze, who attributed the unprecedented loss to intense competition from Middle East carriers, volatility of exchange rates, terrorism and travel advisories and fluctuations in fuel prices.
The announcement received varied reactions from Kenyans but there is one particular Kenyan who made a rather interesting observation. Apparently with a loss of Ksh 25 Billion, the announcement should not have been made at the ostentatious Intercontinental Hotel.