National carrier Kenya Airways (KQ) is banking on the services of London firm Steer Group to turn things around following years of loss-making.
Steer Group started its job in May for the three-month contract, with the major focus on helping KQ survive the current market hurdles and also implementing policies that will make the business more sustainable in the long term.
“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,” KQ CEO Allan Kivaluka as quoted by Business Daily.
This comes at a time the clock is ticking for the government to forge a way forward for nine parastatals as one of the conditions for Ksh255 billion loan issued by the International Monetary Fund (IMF).
The nine include KQ, Kenya Airports Authority, Kenya Railways Corporation, Kenya Power and Lighting Company, Kenya Electricity Generating Company, Kenya Ports Authority, and three largest universities.
KQ recorded a Ksh36.2 billion loss for the year ending December 2020, the worst in its history.
Kivaluka revealed that the final evaluation stage had four bidders including Knighthood, Sabre, Seabury and Steer Group. In total, the job had attracted eight bidders.