NAIROBI, KENYA: Kenya Airways’ immediate biggest challenge is oil price volatility, and the airline will restart price hedging, its chief executive officer said on Friday.
“The volatility of the oil price has been really tremendous. Addressing this is of utmost concern,” Sebastian Mikosz told a news conference after the company’s annual meeting.
The airline had stopped fuel hedging after it was blamed for massive losses during the years the carrier went through a slump and a financial crisis.
Mikosz said they were already discussing with banks and trading houses to restart the hedging.
“We are in the technical phase of restarting it,” he said.
READ MORE
Gulf war underscores need to strengthen Kenya Airways
Students and workers escape war-torn UAE as evacuation costs soar
KQ picks NSE boss Kiprono Kittony, David Ndii in Board shake-up
KQ announces repatriation flights to and from Dubai amid Middle East tensions
In March, it reported a nine-month pretax loss of Sh5.97 billion ($59 million) and an after tax loss of Sh6.1 billion, hurt by a prolonged election period in the country and rising fuel prices.
