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Companies

List: Firms that have issued profit warning this year

An investor at the Nairobi Securities Exchange
An investor at the Nairobi Securities Exchange. FILE PHOTO | NMG 

Bamburi Cement

In issuing its profit warning, Bamburi Cement #ticker:BAMB cited difficult market conditions as well as escalating international energy prices in both Kenya and Uganda.

The cement manufacturer also blamed power costs in Kenya and additional provisions, mainly receivables, in Uganda

Deacons

Deacons #ticker:DCON blamed low economic start in 2018 for its reduced profitability.

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Operational costs for Mr Price stores in the first four months of 2018 and loss of revenue from the discontinued franchise affected its performance.

Non-performance of major anchor tenants, namely Nakumatt and Uchumi supermarkets helped to reduce traffic into malls where its shops are located.

HF Group

A downward revision of the Central Bank Rate (CBR) that have led to Housing Finance Group's #ticker:HFCK reductions in lending rates during the year.

The group undertook a redundancy exercise during the year that increased the staff cost due to the one-off payout.

Kenya Power

Kenya Power blamed a depressed economic environment and poor hydrological conditions in 2017 for their profit decline.

The government's race to connect poor households to the national electricity grid in the run-up to last year's election left it Sh3 billion bad debts, the latest audit of the company's books found.

Sanlam

The insurance company attributed its decline in profit for the year ending December 2018 to the recent 100 per cent impairment of financial assets covering corporate bonds investments placed in prior year periods in now distressed local enterprises.

Sanlam #ticker:PAFR also blamed a slow economic growth and effects of interest rate capping.

Sameer Africa

Sameer Africa says it expects performance for full year ended December 2018 to dip by at least 25 per cent due to severe stock shortages due to production challenges faced by some offshore manufacturing partners

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