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Despite revenue growth in 2022, Kenya Airways records $290M loss

Published

2 years ago

March 28, 2023

Despite a record Ksh38.26 billion ($290.62 million) net loss in 2022, Kenya Airways remained a loss-making venture.

As a result, the national carrier’s accumulated loss grew 1.4 times to Ksh172.68 billion ($1.3 billion), up from Ksh15.87 billion ($120.55 million) in 2021. That was according to results announced during a virtual investor briefing, Monday (Mar. 27).

Costs increased from Ksh86.4 billion ($656.29 million) to Ksh155 billion ($1.18 billion), mainly due to rising fuel prices. The increase in capacity led to an increase in direct operating costs as well. However, the airline’s board said it would hit break-even point this year and profitability by 2024, something it hasn’t done since 2012.

The airline’s total revenue grew by 66 percent to Ksh117 billion ($888.73 million) as passenger numbers jumped by 68 percent to 3.7 million and cargo uplift increased by 3.5 percent to 65,955 tonnes.

Following Kenya Airways’ default on payments, the State took over the debt it had guaranteed.

Recall that the International Monetary Fund last week highlighted that “addressing vulnerabilities” at Kenya Airways and utility Kenya Power was “urgent” while announcing a multi-million dollar loan for the east African country.

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Ivory Coast to create $500 million green financing fund

Published

4 days ago

November 17, 2024

Ifeoluwa Dada

Ivory Coast will establish a $500 million green financing fund to assist sustainable growth, the IMF said.

Africa’s 54 countries have been worst hit by climate change, although emitting less pollution than developed nations. They get only 1% of yearly global climate financing.

The African Green Banks Initiative aims to develop a $1.5 billion ecosystem of green investment facilities by 2030, including Ivory Coast’s new facility.

The Global Environment Facility, the Green Climate Fund, the Ivory Coast government, multilateral development banks, development finance organisations, and possible private sources will all contribute to the facility’s capitalisation.

The leading cocoa-growing country in the world, West Africa, has been drafting new legislation to help other green finance projects, such as a body to regulate carbon credit management.

The consequences of climate change have disproportionately affected Africa, making cyclones, floods, and droughts worse in recent years.

A 30-month, $1.3 billion loan agreement for Ivory Coast under the IMF’s Resilience and Sustainability Facility was authorised by the executive board in March.

According to the IMF, the funding agreement will help the Abidjani administration implement its pledge to lessen the negative consequences of climate change.

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1,172 Nigerians killed, over 1,000 kidnapped in nine months— NHRC

Published

1 week ago

November 14, 2024

Isaac Dachen

The National Human Rights Commission (NHRC) has put the figures of Nigerians killed and kidnapped by non-state actors from January to September 2024, at 1,172 and 1,463 respectively.

A new data released on Wednesday by the organization reveal that the month of May saw the 298 persons killed, making it the highest, while March recorded the highest number of abductions with 499 kidnappings.

These data which was presented at a workshop on the state of human rights in Nigeria by the commission and the European Union, in Abuja, attributed the rise in kidnappings, killings and child abandonment in Nigeria to the negligence and failure of the state to protect its citizens.

While presenting the data, NHRC Senior Human Rights Adviser, Hillary Ogbonna, gave a breakdown of what he described as the alarming rise in human rights abuses, including kidnappings, killings and child abandonment.

“By January 2024, we already had 150 kidnappings and 55 killings associated mainly with non-state actors. What has become the norm is the killing of law enforcement officers,” Ogbonna said.

“We started with seven policemen killed in January. From victims’ perspectives, we had quite a number of victims for human rights violations for January.”

Also speaking at the event, the NHRC Executive Secretary in Nigeria, Tony Ojukwu, said:

“In recent years, we have witnessed alarming trends and threats against those who dare to speak the truth to power.

“It serves as a stark reminder that the protection of human rights is an ongoing struggle that requires continuous vigilance, action and cooperation from all sectors of the society,” Ojukwu said.

A delegation from the EU which also made a presentation, reiterated its commitment to support Nigeria to overcome these challenges, while urging the Federal Government to work with the armed forces to end this trend.

“The European Union will continue to work around the world through diplomacy,” the Head of EU Delegation, Zissimos Vergos, said.h