Kenya Airways Profit: The management has attributed the improved earnings to a cabin factor of 76.1%, an increase in passenger numbers of 43%, which represents 2.3 million in headcount over the period.
Besides chairing the Kenya Airways board, he also chairs the boards of Safaricom Ethiopia and insurtech startup Pula. He also serves as an advisor to the CEO at Safaricom Ethiopia, as the telco attempts to replicate its success in Kenya in Africa's second most populous nation.
Michael Joseph resigns as a director of Safaricom board, with effect from 1st August 2023, touching off speculation that he could be headed for a bigger role at Safaricom Ethiopia.
National carrier Kenya Airways (KQ) in January issued a profit warning, saying it expects to report an even bigger loss for the year to December 2022, compared to what it made in 2021.
He expressed hope of a positive outcome, noting that they were working to resolve the issue. Joseph further described some statements made by pilots calling for their axing as 'extremely painful and derogatory'.
The national carrier significantly increased its revenues to Ksh48.1 billion, up 76 percent from Ksh27.4 billion in H1 2021. The uptick in revenue is an indicator of the continued recovery of the aviation sector which was hit hard by Covid-19 over the past two years.