The situation at the Nairobi Securities Exchange worsened with the NSE 20 Share Index closing at 2,905.31 points compared to last week’s 2,913.89 points.
“Turnover dropped to Sh 5.79.64Million from Sh 764.39Million due to decline in volumes and overall market decline with 25 counters decline while only nine gained. Foreign activity remains high at 89.34% with an inflow of Sh 67.35Million.” According to Sterling Capital.
Sasini lost 1.41% in value to close at Sh 17.45 from Sh 17.70. The company announced a 30.8% decline in Full Year-2016 profits to Sh 0.76Billion compared to Sh 1.10Billion in 2015 despite seeing a 28.1% increase in turnover as sales advanced to Sh 357Billion from Sh2.79Billion.
Sasini has sold some of its land in agricultural operations that it deemed unprofitable, recording large capital gains.
EABL has invited bids for the sale of non-operation brewery and land located in Mombasa. The facility, together with the Kisumu plant, were closed down to centralize production and distribution operations at the company’s Ruaraka headquarters in Nairobi. The sale, if it happens this financial year, will help boost the brewer’s bottom line due to capital gains.
The Brewer is expected to release their Half Year 2017 earnings on 27 January 2017.