Marshalls (East Africa) Limited has registered a loss of more than 17 million shillings for the year ending 31st March of 2016 denying its shareholders dividends for the second year running.
According to the financial statements released, the company made 17,431,000 shillings’ loss. Last year at the same period, the company registered a loss of 20,393,000 shillings.
The company has, therefore, recommended that the shareholders will not receive their dividends for the year 2015. The company becomes the second to rule out dividends to shareholders after KenGen whose profits dropped by more than 40 percent.
The company also registered a loss per share of 1.21 shillings as compared to 1.42 shillings recorded at the same time last year.
Marshalls also recorded 81,247,000 shillings in revenues this year as compared to 105,254,000 shillings recorded at the same time last year. The cost of sales dropped to 60,570,000 shillings this year from 79,548,000 shillings witnessed last year at the same period.
Gross profits for the company dropped from 25,706,000 shillings last year to 20,677,000 shillings this year while income from other operations increased from 15,202,000 shillings last year to 35,680,000 shillings this year.
Administrative expenses for the company increased to 62,316,000 shillings this year from 60,679,000 shillings last year while other operating expenses dropped to 18,956,000 shillings from 24,555,000 shillings last year.
The company registered an operating loss of 30,641,000 shillings this year being an improvement from 113,720,000 shillings witnessed at the same period last year.
In the other business news, electricity generating firm KenGen (NSE: KEGN) intends to add 725 Megawatts (MW) to the national grid by the year 2020. The additional capacity, currently in pipeline, will be generated from Geothermal (635MW) and Wind (90MW) and will catapult the firm’s installed capacity from its current 1,623MW to 2,348MW. KenGen is also scaling up its revenue stream as it diversifies into consultancy, commercial drilling, industrial park, carbon asset development and steam sales. KenGen’s share price increased 1.71 percent in the Thursday’s trading session.