Key Microfinance chairman Luke Kinoti has joined the board of Home Afrika as a non-executive director, months after quitting his position as CEO of stock brokerage firm Suntra Investment.
Home Afrika managing director Dan Awendo made the announcement yesterday, adding that the appointment took effect on July 24.
“He brings a wealth of experience in private equity, fund management, real estate, microfinance and insurance sectors having worked in various institutions such as Suntra Investment and Fusion Capital,” said Mr Awendo.
Before joining Suntra, Mr Kinoti was the co-founder and group managing director and chief executive of Fusion Group. He was also the founder CEO of ECLOF Kenya, a medium-sized micro-finance institution.
Mr Kinoti had a two-year contract at Suntra and opted out at the end of his tenure in April, saying he was keen on other interests in finance and investment space. He joins the real estate development firm at a time it has issued a profit warning after its loss for the year ended December 2018 widened by 90 percent from Sh181.7 million in 2017 to Sh346.2 million.
The firm attributed the decline on the impact of the slowed growth in the real estate sector, constrained credit access and general slowdown in spending power among buyers.
Its revenues from contracts with customers dropped 58.51 percent to Sh109 million in the period from Sh262.7 million the year before.
The firm confirmed another dividend drought for shareholders following the performance, declaring it will not pay out any dividends for the period.
The results came in past the April deadline with the Nairobi bourse-listed real estate developer attributing the delay to possible restructuring.
Chinese investor Zeyun Yang, the developer of Great Wall apartments in Machakos, last year, became the single largest shareholder in Home Afrika after acquiring an 8.2 percent stake.
Home Afrika last made a profit in 2014 (Sh8.95 billion) before slipping into back-to-back losses for the last four years.