The Standard Group headquarters [Photo/standard media.co.ke]
The Standard Group has blamed political tension in the country currently for its 25 percent drop in net profit this year.The Group's Board argues that the situation in the country has made adverse changes in the market conditions.
“The Board of Directors anticipates that the financial results for the year ended 31st December 2017 will be materially affected by the prevailing adverse market conditions in the second half of the year compared to the same period in the year 2016.“The Board of Directors, therefore, projects that the Group’s earnings for the year ended 31st December 2017 will be at least 25% lower than the level of earnings in the financial year 2016,” read the Group's notice in part.Orlando Lyomu, the CEO of the group, however, expressed optimism saying the company will instill strategic plans to ensure it regains its strength.“Meanwhile, roll-out of the medium strategic plans will ensure the group is insulated from sudden changes in the market in terms of revenue generation capacity going forward.” the CEO said according to KahawatunguThe political tension in the country has greatly affected the economy of the country according to earlier reports released which indicated that Kenya has so far lost 700 billion due to the political situation currently.