Eveready East Africa Plc cut its net losses to KSh 8.4 million in the first six months ended 31st March 2022 compared to a net loss of KSh 25.9 million in H1 2021.
The firm’s loss per share improved to KSh 0.04 in H1 2022 from KSh 0.12 in H1 2021, while its pre-tax loss improved to KSh 7.7 million from KSh 25.9 million in H1 2021.
Eveready Plc Gross Profit rose to KSh 13.8 million in H1 2022 from KSh 12.5 million in H1 2021, while sales increased to KSh 41.6 million from KSh 33.7 million during the period under review.
The Auto batteries business segment remains the key driver of the Company’s recovery. The segment’s Key Performance Indicators (KPIs), volumes, gross cash profit and adjusted Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) were ahead of the prior year 2021, as well as the year 2020 pandemic period.
Eveready has recorded improved business conditions
Across its business channels, Eveready has seen a gradual improvement in the trading environment which supported the overall improved half-year performance of the Company to record a loss before tax of KSh 8.4 million in H1 2022 against a loss of KSh 25.9 million in H1 2021.
Directors of Eveready E. Africa do not recommend paying an interim dividend.
In its outlook, the listed firm said it aims to engage key stakeholders on initiatives to place it on a path to sustainable recovery.
Battery technologies are central to delivering significant advances in a wide range of industries, preferably in a clean and renewable form.
This has pushed battery technology to the top of the priority list for many players, leading to a huge boom in investment that the firm is looking at in future to build its key positions in those markets.
ALSO READ: Eveready East Africa Plc Cuts 2021 Net Losses by 49% to KSh 34.7 Million