Kenya Airways (KQ) has contracted the services of London-based firm Steer Group to turn around its waning fortunes.
The national airline contracted Steer Group for three months with the area of focus being navigating market challenges.
Through the firm, KQ will also implement policies aimed at bringing in more business in the long term.
KQ CEO Allan Kilavuka said that it already has strategies to help it manoeuvre these challenges.
He noted that the biggest focus is on navigating an already depressed market which has led to plummeting income for Kenya’s national carrier.
“Kenya Airways has come up with short term, medium, and long term strategies to help in realising two main objectives. The first is to survive the current depressed market, and the second is to implement strategies that will the business more sustainable in the long term. Steer Group is to validate these strategies and recommend any additional supportive, or different strategies to help achieve the goals,” Kilavuka told Business Daily.
For the year ending December 2020, KQ recorded a loss of Ksh36.2 billion which is the biggest in Kenya’s history.
Steer Group won the bid out of eight other firms including the reputable Knighthood, Sabre, and Seabury.
The International Monetary Fund (IMF) directed the Kenyan government to pay special focus on KQ and eight other parastatals.
This was a condition for the recent Ksh255 million loan it advanced to Kenya.