Homeboyz Plc issues a profit warning
The listed entertainment company, Homeboyz Entertainment Plc is projecting a decline in its net profit for the year ending December 31, 2020.
Although the company anticipates its performance to improve as the economy recovers, the net profit for the period under review is expected to be lower than the Ksh.36.6 million net profit reported at the end of December 31, the previous year. 2019.
In a statement, the company attributed the drop in net profit to economic disruptions occasioned by the novel coronavirus pandemic.
Homeboyz says it secured contracts with the Kenya Football Federation (KFF), Kenya Rugby League (KRL), WRC Safari Rally, East Africa Motor Sports Club, the Superbike Association, E-sports Federation of Kenya and the Magical Kenya Open, as part of its strategic plan to grow its market share.
Homeboyz recently listed on the Nairobi Securities Exchange (NSE) in December last year, making it the only entertainment company to list on the bourse.
“The listing of Homeboyz Entertainment Plc will allow us create value for ourselves and prospective shareholders,” said Myke Rabar, Chief Executive Officer, Homeboyz Entertainment Plc during the launch.