2022 and 2023 presented a bumpy ride for most companies operating on Kenyan soil, with a change of regime in 2022 which sought to institute several changes on the tax policy.
The deterioration of the value of the Kenyan shilling against international currencies saw several companies register reduced incomes for the fiscal year 2022/23.
Here’s a list of companies in Kenya that reported losses in 2023:
Kenya Power
Seemingly, Kenya Power has been the home of misfortunes in recent years, bedevilled with several scandals, losses and a nationwide power outage which crowned its misfortunes in 2023.
For the year ending June 30, 2023, Kenya Power reported a Ksh3.19 billion net loss, compared to a net profit of Ksh3.3 billion at the end of the 2022 financial year.
The loss was attributed to exceptionally high finance costs mainly driven by the depreciation of the Kenya shilling against major international currencies.
National Bank of Kenya
Popularly known as NBK, the National Bank posted Ksh2.97 billion in loss after tax for the year ending September 30, 2023, representing a 436 per cent decline over a similar period in 2022.
The dip was attributed to one-off costs associated with legal matters, staff voluntary early retirement program in the first half of the year and an increase in loan loss provisions.
Kenya Airways
Kenya Airways (KQ) recorded a net loss of Ksh21.7 billion for the half-year ended June 30, 2023, as compared to the Ksh9.9 billion loss recorded for a similar period in 2022.
However, KQ reported its first operating profit of Ksh998 million in six years.
The loss was attributed to foreign exchange costs as a result of the depreciation of the Kenyan shilling against international currencies.
Standard Media Group
Standard Media Group, one of the biggest media houses in the country, recorded a net loss of Ksh102.9 million for the half-year ended June 30, 2023, as compared to a net loss of Ksh300 million made in the same period in 2022.
In 2022, the company recorded a net loss of Ksh1 billion as compared to a Ksh22 million loss in 2021.
Centum Group
Centum Investment Group reported a consolidated net loss of Ksh7.3 billion for the full year ended March 31, 2023, compared to a net loss of Ksh2.1 billion over a similar period in 2022.
The loss was attributed to losses made by Two Rivers Development Operations on account of Ksh3.9 billion impairment provision.
