Billionaires firm sinks deeper in the red

TransCentury has posted a Sh1 billion loss in the first half of 2017 attributed to lack of access to credit in 2016.

The firm, which was founded by over 20 billionaires from Central Kenya, says the group’s performance in the first half of 2017 was affected by the lingering effect of constrained access to credit lines which slowed project acquisition for the most part of 2016 that would have come into execution in the first half of 2017.

This led to lower volumes as the execution of projects won in the fourth quarter of 2016 would start in the second half of 2017.

Related: Bamburi Cement half-year profit shrinks

Turnover went down to 2.9 billion from Sh4 billion posted same period 2016 while, loss of operations also went up to Sh595 million, compared to 241 million same period last year.

The firms’ area of priority remains restructuring of the balance sheet to improve the capital structure.

“The board has initiated a review of various funding alternatives to support business funding requirements and maximise shareholder values,” management said. The board of directors did not recommend payment of an interim dividend.

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