For the period ended 30th June 2026 | |||
CONSOLIDATED STATEMENT OF PROFIT OR LOSS | 12 months to | ||
6 months | 31st | ||
to 30th | December | ||
June 2026 | 2025 | ||
Shs '000 | Shs '000 | ||
Revenue from contracts with customers | 9,884 | 21,265 | |
Direct costs | (56,658) | (100,179) | |
Gross (loss) | (46,774) | (78,914) | |
Other operating income | 298,713 | 0 | |
Impairment gain/(loss) | - | 1,097 | |
Administrative expenses | (8,040) | (14,872) | |
Other operating expenses | (7,231) | (11,423) | |
Operating profit | 236,668 | (104,112) | |
Finance costs | (11,263) | (51,566) | |
Profit before tax | 225,405 | (155,678) | |
Tax credit | 17,175 | 30,659 | |
Profit for the period | 242,580 | (125,019) | |
Basic and diluted (loss) per share | 5.08 | (2.62) | |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||
As at 30 | As at 31 | ||
June | December | ||
2026 | 2025 | ||
Shs '000 | Shs '000 | ||
CAPITAL EMPLOYED | |||
Share capital | 238,557 | 238,557 | |
Share premium | 28,963 | 28,963 | |
Revaluation reserve | 833,809 | 870,722 | |
Accumulated losses | (386,564) | (666,058) | |
Shareholders' funds | 714,766 | 472,185 | |
Non-current liabilities | |||
Borrowings | 314,990 | 429,324 | |
Lease liabilities | 46,166 | 46,570 | |
Deferred tax | 412,695 | 429,869 | |
773,851 | 905,763 | ||
1,488,617 | 1,377,948 | ||
REPRESENTED BY | |||
Non-current assets | |||
Property, plant and equipment | 275,592 | 287,673 | |
Right-of-use assets | 1,019,679 | 1,066,537 | |
Investment property | 81,193 | 37,080 | |
1,376,464 | 1,391,290 | ||
Current assets | |||
Inventories | 28,752 | 28,752 | |
Trade and other receivables | 168,176 | 14,945 | |
Cash and cash equivalents | 133 | 1,319 | |
Tax recoverable | 31,379 | 31,379 | |
Assets held for sale | 0 | 1,286 | |
228,440 | 77,681 | ||
Current liabilities | |||
Lease Liabilities | 1,889 | 2,882 | |
Trade and other payables | 114,398 | 88,141 | |
116,287 | 91,023 | ||
Net current assets | 112,153 | -13,342 | |
1,488,617 | 1,377,948 | ||
For the period ended 30th June 2026
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Share Share Revaluation Accumulatedcapital | premium | reserve | losses | Total | |
Shs '000 | Shs '000 | Shs '000 | Shs '000 | Shs '000 | |
Period ended 30 June 2026 | |||||
At start of year | 238,557 | 28,963 | 870,722 | (666,057) | 472,185 |
Profit for the period | - | - | - | 242,580 | 242,580 |
Transfer of excess depreciation | - | - | (52,733) | 52,733 | - |
Deferred tax on excess depreciation transfer - | - 15,820 | (15,820) | - | ||
At end of year | 238,557 | 28,963 833,809 | (386,564) | 714,765 | |
2026 Shs '000 | 2025 Shs '000 | |
At start of year | 1,319 | 608 |
Net cash (used in)/from operating activities | (177,031) | (6,096) |
Net cash (used in) investing activities | 299,783 | - |
Net cash from/(used in) financing activities | -124,039 | 6,851 |
Effect of exchange rate changes | 101 | (44) |
At end of year | 133 | 1,319 |
The above are extracts from the unaudited financial statements of the group for the period ended 30 June 2026.
For the period ended 30 June 2026, the directors do not recommend the declaration of a dividend.
By order of the board
………………………………………
Chief Executive Officer PerformanceThe company's performance for the year ended 30 June 2026 slightly dropped by 22.8% to Kshs. 9.8 Million as compared to the year ended 30 June 2025. This was because the company restructured it's operations hence terminating leases with some of the tenants. The direct costs also increased to Kshs. 56 Million
compared to the year ended 30 June 2025. This resulted in a loss for the year of Kshs. 46 Million compared to Kshs. 40 Million loss in 2025.
Future OutlookThe Board and Management's key objective continues to be focusing on improving the company's financial performance through diversification in other revenue generating avenues and improving in the operational efficiency through the costs management. The principal shareholder has also continuously provided financial support to the group throughout the years.