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Little Hope for ARM Cement as its Sinks Ksh6.5Bn Deep

BY Soko Directory Team · June 2, 2018 07:06 am

The financial woes facing ARM Cement seem to be far from over after the cement maker’s loss widened by more than 2.3 times.

ARM has registered a 6.5 billion shillings loss in the year ended December from a net loss of 2.8 billion shillings the previous year.

The management attributed the loss to the decline in sales by 32 percent to 8.6 billion shillings with commodity sales of their products falling by 30 percent in Tanzania.

The funds belonging to the shareholders in the company have dropped by 7 billion shillings from 34.7 billion shillings the previous year to 27.7 billion shillings in 2017.

The share price has also fallen to 2.7 shillings per share from 2.9 shillings per share with analysts foreseeing it falling further.

In other news, the national carrier, Kenya Airways, is planning to merge with the Kenya Airports Authority as part of its plan to fasten the recovery of the airline.

If the plan will materialize, Kenya Airways will take over all the staff and operations of Kenya Airports Authority in the process expanding its operations and services.

Currently, the government of Kenya owns 48.9 percent stake in KQ, with 10 local banks owning 38.1 percent with the rest left to both local and international institutions and individuals.

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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