Home Afrika has reported a net loss of Sh222.8 million in its half-year earnings for 2021/FILE NAIROBI, Kenya, Sep 5- Home Afrika has reported a net loss of Sh222.8 million in its half-year earnings for 2021 compared to Sh243.2 million registered in the first half of 2020.
The group, through a statement, said the effects of the COVID-19 pandemic continued to affect the company’s performance with the firm’s balance sheet dropping from Sh3.9 billion to Sh3.6 billion.
Over the same period, the firm’s operating loss widened to Sh147.9 million from Sh131.2 million recorded during a similar period last year.
The group’s properties declined by 34 percent to stand at Sh28.2 million due to job losses and reduced income
Home Afrika Managing Director (MD) Dan Awendo said that in order to improve the market value, the group will push up its investments in the infrastructure of the various projects
“The board has put in place a turnaround strategy to improve the performance and create more value for stakeholders,” the statement read in part.
The firm’s book value of sellable land and other inventory closed at Sh3.4 billion in the period under review.
Directors of Home Afrika did not recommend dividend payment to shareholders.