TransCentury Group CEO and Managing Director Nganga Njiinu NAIROBI, Kenya, Aug 28 – TransCentury losses went down to Sh684 million in the first half of 2017 compared to a loss of a billion same period 2017.
Turnover, however, dropped to Sh2.2 billion compared to Sh2.9 billion in 2017 while operating expenses reduced by 20 percent to Sh695 million compared to Sh865 million same period last year.
TransCentury Group CEO and Managing Director Nganga Njiinu says the firm will continue to focus on the implementation of its turnaround plan that includes the re-profiling of debt and securing additional working capital funding.
Following the completion of Company debt re-profiling in the second quarter of 2018, the benefits are starting to accrue with an overall 12 percent drop in finance costs.
The debt re-profiling focus has now shifted to the operating units and to date, debt in one key unit has been fully refinanced and enhanced giving access to the required additional working capital.
“TransCentury remains strongly anchored on its competitive advantage that includes; unrivaled capacity, a robust order book and an innovative and entrepreneurial team” added Njiinu.
TransCentury made Sh4.3 billion loss in the year ended December 31, 2018. Its woes came after it defaulted on a Sh6 billion loan it had taken shortly before listing at the Nairobi Securities Exchange.
Meanwhile, I&M Holdings posted Sh3.8 billion net profit in the first half of 2018 an increase compared to Sh3.4 billion posted same period 2018.
Net interest Income remained flat in the period at Sh6.8 billion while total assets hit Sh283 billion compared to Sh229 billion same period last year.
Loans and advances went up to Sh162 billion compared to Sh144 billion same period last year.