Flame Tree Group, a manufacturer and distributor of plastic products and fast-moving consumer goods, recorded a net loss of KSh 74.4 million in 2023, an improvement from a net loss of KSh 214.97 million in 2022.
- •Flame Tree recorded a 19% increase in overhead costs to KSh 474.9million in 2023 from 393.7 million in 2022.
- •This was driven by staff cost-related expenses, promotion & marketing, transport costs, and depreciation costs.
- •There was also a KSh 182 million increase in the firm’s property, plant, and equipment.
Directors of Flame Tree, attribute this performance to high finance costs occasioned by increased debt load, a weakening Kenya Shilling exchange rate, and a rise in interest rates.
“The year 2023 showed improved performance of the Ethiopian business after two years of losses while the packaging lines recorded a growth of 40%,” said Heril Bangera, CEO of Flame Tree Group.
The Group, which deals in plastics, cosmetics, and food in multiple markets and verticals, has operations in Kenya, Rwanda, Ethiopia, Mauritius, Mozambique, and the United Arab Emirates.
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