Listed Insurance group Liberty Kenya Holdings has issued a profit warning for the financial year ended December 31, 2021.
In a statement, the company announced its first quarter earnings are set to be negatively impacted by 25 percent attributed to the continued effects of the COVID-19 pandemic.
““Liberty Kenya Holdings Plc is issuing this profit warning announcement for the Information of investors and the general public. Based on preliminary unaudited consolidated financial results, the Board of the Company wishes to announce that, the consolidated earnings after taxation for the year ended 31 December 2021 are likely to be lower by at least 25 percent than the audited earnings after taxation reported for the same period in 2020.”
This even as the company and its subsidiaries maintained a very strong capital base, sufficient liquidity and the ability to meet their obligations.
This was despite the unprecedented times of the pandemic that have rocked other related sectors.
In 2021, Liberty Kenya Holdings recorded a drop in its half year earnings by 30.9 percent to record Ksh.265 million.
This was a wide loss compared to the Ksh.383 million loss that was recorded in a similar period in 2020.
In terms of assets, the underwriter increased from Ksh.39 million in 2019 to Ksh.41 million.
To steer financial growth in the long run, Liberty has adopted new ways of working, from which most of their collaboration, team and customer-centered initiatives have arisen.