A file photo of people demonstrating against the high cost of living. [Photo/The Business Daily]
A statement by The Nairobi Securities Exchange (NSE) has shown that 7 out of 17 firms that released their financial statements in September and thereafter have made a loss.
According to The Business Daily, The Stanbic Bank Kenya Purchasing Manager's Index (PMI), an indicator of the private sector activities showed that companies have suffered a lot ever since the heightened political situation was elongated thus putting thousands of jobs at risk.
"The overall downturn reflected survey record decline in output, new orders, employment, and stocks of purchases, " the statement by the PMI reads in part as quoted by The Business Daily.
In addition, the statement says that companies were forced to raise prices of their commodities for the first time in six months in a move to protect their dwindling profits.
"On the price front, firms raised selling prices for the first time in six months as their ability to absorb higher input costs were restricted," the statement reads in part.
Things might even get tougher for the corporate world as the country gears up for a verdict by the Supreme Court on Monday on the validity of the October repeat presidential election.