Home Afrika chief executive Njoroge Ng’ang’a at a past event. The firm's profits were hurt by a delay in developing its infrastructure projects during the year. PHOTO |FILE |
Kenyan property developer Home Afrika Ltd said on Friday its 2014 profit would be at least 25 per cent lower than the previous year, hurt by a delay in developing its infrastructure projects during the year.
A delay in funds from a bond issue in 2014 resulted in the subsequent delay of investment in infrastructure development at the firm's underlying projects.
The firm however said it expected improved performance in the second half of this year, buoyed by revenues from new roads and development of its flagship commercial and residential real estate project in Kiambu County, near Nairobi.
It says it will continue to use cash from the debt issue in the first half of 2015 for projects including roads, boundary walls, water, sewer, power and street lighting services, and the development of residential and commercial units at the Migaa project.
Home Afrika, which is listed on the Nairobi bourse's segment for small firms, posted a 73 per cent drop in its 2014 first half pre-tax profit, while its 2013 pre-tax profit fell 22 per cent.
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Note: The results are not exact but very close to the actual.
