The Week That Was: Three Key Events in the Markets During The Week

Revenue Collection

Ordinary revenue collection as at end of March hit 975.38 billion shillings with tax income at 939.37 billion shillings and non-tax income at 36.01 billion shillings.

Public debt repayments totaled 309.25 billion shillings in the review period. Disbursements to the county governments summed to 174.52 billion shillings, equal to 56.99 percent of the total quota.

Flame Tree Group

Flame Tree Group Ltd. (NSE: FTGH) announced a disappointing 72.2 percent year-to-year drop FY17 EPS (KES 0.25) citing weak economic environment which affected the cost side of the business the most.

There will be no dividend. The previous year, FTGH issued bonus shares (1:10) against FY16 results. The counter closed Friday at 4.45 shillings closer to its 52-week low.

WPP Scangroup

WPP Scangroup Ltd (NSE: SCAN) announced FY17 results with a 14.7 percent 0n a year-to-year decline in revenue.

This was attributed to a challenging economic environment in Kenya as well as budget cutbacks by key clients in other regions outside Kenya. The Board declared a 0.75 shillings dividend per share subject to approval at the AGM. The counter is trading at KES. 16.9, a -11.1 percent YTD.