Kenya Airways shares rose 9.4 percent to a historic high close of 37.75 shillings on Monday in delayed reaction to the airline's annual results, traders said. "It is a reaction to the good results on Friday. The company is doing very well. It has been growing its topline and managing costs. Investors are reacting to that," Chris Mwebesa, chief executive of the Nairobi Stock Exchange, told Reuters. Posting the highest profit in its 28-year history, Kenya Airways said on Friday its net profit tripled to 3.88 billion shillings ($50.37 million) in the year to March 31 from 1.3 billion thanks to cost-cutting and a rise in passenger numbers.
Fred Mweni, financial analyst at Suntra Investment Bank, said the results exceeded expectations.
"Their performance was exemplary. Most of us analysts were expecting 2 billion shillings. When it came to 3.88 billion shillings, that was beyond our expectations," he said. Revenues rose by 36 percent to 42.2 billion shillings in the year ended March 31.