A downward surge in profits at the NSE (Photo/ Kenya wall Street)
Atleast 12 companies listed in the Nairobi Stock Exchange (NSE) have issued profit warnings ahead of release of annual financial statements.The companies have sort to warn shareholders that profits will be lower than expected.
The profit warnings have indicated the tough economic recession that Kenya underwent in the last year.
The lower profits has been attributed to lower sales on prolonged electioneering period, interest rate cap, drought conditions experienced earlier in the year and the exit of Nakumatt Supermarkets from several shopping malls in the fashion industry.
Seven companies had issued profit warnings by the end of last year with another 5 issuing the warnings in the first week of the the new year.
Profit Warnings so Far include the following companies;1. Britam2. HF Group3. BOC4. Deacons East Africa5. Standard Chartered Bank6. Family Bank7. Bamburi Cement8. Mumias Sugar9. BOC Group10. Nairobi Business Ventures11. Unga Group12. Flame Tree Group