3 NSE listed companies delay release of financial results

3 NSE listed companies delay release of financial results

Three listed companies on the Nairobi Securities Exchange (NSE) have delayed the release of their financial reports for the year ended December 31, 2020.

The three companies, which have applied for a date extension from the Capital Markets Authority (CMA), are Crown Paints Kenya PLC, Home Afrika Ltd and East Africa Cables PLC.

According to a statement to its shareholders, Crown Paints Kenya blamed the delay on the effects of COVID-19.

“The delay in finalizing of the audited financial statement has been occasioned by difficult circumstances brought about by the COVID-19 pandemic and especially the various measures restricting movement put in place by the Kenyan, Ugandan and Rwandese governments,” reads the company’s statement in part.

It said its full-year report would be available on or before June 15, 2021.

This is, however, not the first time the paints and coating solutions company is applying for an extension as it applied for the same before releasing its audited financial statements for the year ended December 31, 2019.

Meanwhile, the Board of Directors of Home Afrika Ltd. said they could not meet the April 30 deadline as the external auditor had not finalized the audit, adding that the statements would be available by June 30, 2021.

East Africa Cables PLC has, on the other hand, blamed the delayed publication on delayed reporting from its Tanzania subsidiary.

The listed cables manufacturer added that the disruptions due to COVID-19 pandemic also played a part in the delayed release of its full year results.

“The Board and Management wish to assure the stakeholders and the public that the audited financial statement shall be published no later than June 30, 2021,” the company’s board assured.

By Vincent Odhiambo

FOLLOW US ON:
Optiven joins NSE’
Liquid Telecom unvei
Rate This Article: