Four Listed Companies Fail To Publish Their Financial Results

Four listed firms at the Nairobi Securities Exchange (NSE) have failed to release their financial results as the deadline came to an end.

According to Capital Markets Authority (CMA), public firms are often given four months after the end of the financial year to make public their financial year results.

The four companies that have failed to publish the financial results are:

1. Mumias Sugar Company
2. Uchumi Supermarkets
3. East African Portland Cement Company
4. Kenya Power and Lighting Company

All the mentioned companies had issued profit warnings, meaning if released, their financial results will either be in the negative or with profits dropping more than 20 percent.

Mumias Sugar has been going through turbulent times leading to the suspension of sugar production more than 6 months ago. The sugar miller has been crippling with debts and losses over the years. Early this year, the miller applied for 2 billion shillings as a bailout from the government.

Uchumi Supermarket is already on its knees with debts choking it to the core. Some creditors have already applied for the folding of the business. The once giant retailer has closed down more than 90 of its branches in Kenya and almost all branches in Uganda and Tanzania. The retailer is now operating under the mercy of creditors.

The construction industry in Kenya has been booming but things have not been so good for the cement industry. ARM Cement is under administration and the East African Portland Cement is wobbling with losses and debts. At one time, it declared bankrupt and even the process of putting it under administration initiated.

Kenya Power and Lighting Company has not been doing bad but has been hit by controversy in the recent past. Allegations of corruption and system failure have really affected the trust of investors in the company.