East African Cables Plc recorded a Net Loss of KSh 299.7 Million at the close of the financial year ended 31st December 2021.
This is an improvement from a Net Loss of KSh 753.2 Million over a similar period in 2020.
The listed firm’s revenues increased slightly to KSh 1.85 Billion in 2021 from KSh 1.80 Billion in 2020, while pre-tax loss declined to KSh 410.3 Million in 2021 from KSh 555.1 Million in 2020.
Earnings per share, which measures a firm’s profitability, improved to KSh -1.05 in 2021 from KSh -2.15 in 2020.
East African Cables Balance Sheet size shrunk from KSh 5.9 Billion in 2020 to KSh 5.6 Billion in 2021.
The Group’s revenue growth of 3% was supported by increased market drive, improvement in Tanzania operations and rising metal prices.
Directors said the cost containment measures are anchored on a total management programme which continues to bear fruit, improving the EBITDA by 117% to KSh 138 Million from KSh 64 Million recorded in 2020.
The firm said it remains focused on growing a strong order pipeline and improving contribution from its Tanzania subsidiary.
East African Cables Directors have not recommended the payment of any dividend for the year ended 31st December 2021.
East African Cables has issued a notice to its shareholders concerning its 57th Annual General Meeting(AGM) to be held virtually on 31st May 2022 at 11.00 am.
Julius Wai, Peter Kanyago and Nganga Njiinu, representing Trancentury Plc and being on the board Audit, Risk and Compliance Committee, will seek re-election to continue as said committee members.
The AGM will also approve the re-appointment of RSM East Africa LLP as the firm’s auditor.
Registration for the AGM opens on May 16th 2022, at 8.00 am and will close on 30th May 2022, at noon.
All present and former shareholders are notified that shares that have not been claimed for three years or more will be delivered to the Unclaimed Financial Assets Authority on the appointed date.
Therefore, all shareholders with unpaid dividends are requested to urgently contact the Share Registrar, Custody and Registrars Services Limited to claim any unpaid dividends to avert the risk of the dividends being forwarded to the Authority.