Government backed listed companies will now release their unaudited reports to the public after a prolonged delay. The delay was caused by the absence of the Auditor General, who needs to scrutinise the financials before they are published. The Capital Markets Authority (CMA) has approved the release of the financial reports of the state-backed, NSE listed firms, despite the Auditor General being absent.
Companies such as KenGen, Kenya Power, and East African Portland Cement have not published their financials in the past 12 months. This is contrary to the law that requires them to release their quarterly, half year, and full year financial reports to the public within four months after the end of the period.
Investors mainly use the financial results to make investment decisions. Therefore, failure to publish the reports may weaken investors confidence in the said companies.
Related: KenGen’s Full Year Results to be Delayed By a Month
