@Ericsson you are somewhat right, but I prefer that you first use the train before issuing the forecast.. Hii kitu inasimamia kati ya msitu

For the year ended 31st March 2010, Kenya Airways Ltd recorded Total revenue of Kshs 70,743,000,000.00, and the company’s
Operating Profit amounted to Kshs 1,839,000,000.00

Operating margin = (Operating Profit /Revenues) x 100.
= (1,839,000,000.00 / 70,743,000,000.00) x 100 = 2.6%

Out of every Kshs1.00 Kenya Airways collected as revenue in the year, it retained only Kshs 0.03, as operating profit after paying for the operational expenses incurred in getting that Kshs 1.00
It is out of that 3Cents that Kenya Airways is to pay out financial costs as well as taxes and the balance retained as profits for share holders.

Should we choose to focus only on the company’s core business operations, Kenya Airways operational performance for the just ended period is rather dismal compared to the previous periods
 For 2010, Kenya Airways had an operating margin of 2.6%
 For 2009, the operating margin was 5.6%
 For 2008, the operating margin was 11.6%
 For 2007, the operating margin was 13.1%
Declining operating margins over time should be a warning sign to any investor.

On average, out of every kshs1 in revenues that Kenya Airways collects annually, it has overtime paid more and more in operational costs. It could imply that the company is having difficulty in bringing in revenues considering that it registered slightly declined revenues compared to the previous year, or that the management is facing increasing challenges in improving the company’s Operational Efficiency.
The 54.5% decline in Operating Profits might explain why despite reporting 148% improvement in earnings, the share registered a 8% decline in trading price as soon as results were published.

A lot is learnt by observing Operating profits trend over time, but it should not be the only factor one considers when planning whether or not the Kenya Airways shares are a viable investment.

Ceteris paribus.

The exchange bar confirms that dilution is on the way.. In this scenario KQ does not have the capital to service current liabilities and the firm is hindered from issuing new debt due to covenants of existing debt and a rights issue cannot even be mentioned. PJT Partners proposes equity offering of new shares worth KES 60B.. It will be an ebb and flow, dying to live or living to die.. I speak in code

The exchange bar confirms that dilution is on the way.. In this scenario KQ does not have the capital to service current liabilities and the firm is hindered from issuing new debt due to covenants of existing debt and a rights issue cannot even be mentioned. PJT Partners proposes equity offering of new shares worth KES 60B.. It will be an ebb and flow, dying to live or living to die.. I speak in code

Going back to Egypt....

Code share signed with Egypt Air...4 flights per week.

Kenya Airways (KQ) enters into a codeshare agreement with EgyptAir on Nairobi-Cairo route

https://ir.citi.com/K48NmnoXhQiTE4FHzCmUD9%2F8fcRugHm76eyZA4lXT9lx5Hml4Yil9g%3D%3D
Equity increase details to be released by July
—
We continue to model a US$400m (KSh 41.4bn) equity rights issue, which would increase share count 5
-fold at the current share price,more if discounted, heavily diluting existing
shareholders.This would enable Kenya Airways
to repay KSh25bn bridging loan
from the Government and Afreximbank and maintain cash at c.30% of revenue. Our EPS estimates will depend critically
on the terms of the rights issue. We expect the Government
(29.8%holder) and KLM (26.7%) to take up their rights.

Wolololoooo
Obiero can't even talk,massive dilution expected if it goes as per by the report;an additional 7.3bn shares to be issued and gava won't contribute a cent;their debt will be converted to equity