Express Kenya PLC reported half-year results to June 2025 showing a narrowed net loss, improved cash position, but continued balance sheet stress.
- •The company is banking on a KSh 13 billion real estate diversification plan to offset a weak logistics core.
- •Revenue dropped 6% to KSh 12.8 million from KSh 13.7 million in 2024 on sluggish logistics demand.
- •Gross loss widened 13% to KSh 40.1 million as costs rose, while operating loss was flat at KSh 48.0 million.
Pre-tax loss worsened 10% to KSh 59.6 million, but a KSh 16.7 million tax credit helped narrow the net loss to KSh 42.9 million from KSh 54.1 million in 2024.
Earnings per share improved to a loss of KSh 0.90, from a loss of KSh 1.13 last year.
| Metric | Jun 30 2025 | Jun 30 2024 | YoY Movement |
|---|---|---|---|
| Revenue from contracts | 12.808Mn | 13.691Mn | -6.4% |
| Gross (loss) | -40.115Mn | -35.385Mn | Loss worsened 13.4% |
| Operating (loss) | -47.954Mn | -48.713Mn | Loss improved 1.6% |
| (Loss) before tax | -59.608Mn | -54.133Mn | Loss worsened 10.1% |
| (Loss) for the year | -42.893Mn | -54.133Mn | Loss improved 20.7% |
| Basic & diluted EPS (Shs) | -0.90 | -1.13 | Loss per share improved 20.4% |
| Shareholders’ funds | 369.086Mn | 465.753Mn | -20.8% |
| Borrowings | 388.190Mn | 354.839Mn | +9.4% |
| Non-current assets | 1.138Bn | 1.245Bn | -8.6% |
| Net current assets | -2.634Mn | 66.414Mn | Worsened (positive to negative) |
| Net cash from operating activities | -4.357Mn | -5.802Mn | Loss improved 24.9% |
| Net cash from/(used in) financing | -0.041Mn | 4.650Mn | Worsened (inflow to outflow) |
| Cash at end of period | 0.927Mn | 0.065Mn | +1,326.2% |
Balance Sheet & CashFlows
- •Shareholders’ funds fell 21% to KSh 369 million, while borrowings increased 9% to KSh 388 million.
- •Non-current assets declined 9% to KSh 1.14 billion, and net current assets flipped to a deficit of KSh 2.6 million from a positive KSh 66.4 million.
- •Cash outflows from operations eased to KSh 4.4 million from KSh 5.8 million.
- •Investing activities recorded KSh 4.7 million inflows compared to nil last year.
- •Financing shifted to a small outflow of KSh 41,000 versus KSh 4.7 million inflows in 2024.
- •Closing cash rose sharply to KSh 0.9 million from KSh 65,000.
Strategic Developments
Beyond weak financials, Express Kenya is betting on diversification. The company unveiled Project Nexus, a KSh 13 billion mixed-use real estate venture in Nairobi. The project, structured in four phases, includes a strip mall, a petrol station, 1,200 apartments, a commercial mall, a medical centre, and serviced apartments. Sales are set to open in September 2025 with discounts for staff and shareholders.
The move comes as auditors flagged going-concern risks in June 2025, questioning the sustainability of Express Kenya’s financial position. The firm’s shares, which resumed trading after a suspension, have been volatile. As of late August 2025, Express Kenya traded around KSh 5.50, up nearly 10% in a single session, though longer-term volatility remains high.
