Nairobi Business Ventures (NBV), a local shoe and leather accessories retail chain listed on the Nairobi Securities Exchange has reported a net loss of Sh 14.9 Million for the half year period ended Sept 30th 2017 compared to a profit of Sh 1.04M in the same period last year.
In the period under review, NBV revenues declined by 77% to 8 Million from Sh 34.7 Million in the same period last year. The shoe vendor’s cost of sales fell by 74% to 3.5 Million while its gross profit fell by 79% to Sh 4.5Million.
Shareholder funds also declined by 61% to Sh 30 Million vs. 78.9 Million last year.
In July 2016, the shoe and leather accessories vendor listed 23.6 million shares on the exchange at a share price of Sh5, which gave the company a valuation of Sh118 million at the time.
Since the start of the year, the company’s share price has shed about 57% shedding Sh 42.5 Million in market cap since listing.