Uchumi losses deepen in half year to Dec 2015

March 3, 2016
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The retailer which suffered stocking challenges due to previous non-payment of suppliers also recorded a dip in net sales from Sh6.82 billion to Sh4.26 billion/FILE
The retailer which suffered stocking challenges due to previous non-payment of suppliers also recorded a dip in net sales from Sh6.82 billion to Sh4.26 billion/FILE

, NAIROBI, Kenya, Mar 3 – Uchumi supermarkets has plunged into a deeper loss which widened to Sh1.02 billion before tax in the six months that ended December 2015 from Sh262.35 million loss in a similar period in 2014.

The retailer which suffered stocking challenges due to previous non-payment of suppliers also recorded a dip in net sales from Sh6.82 billion to Sh4.26 billion.

Interim financial statements published by the firm also show the company’s loss from operating activities grew to Sh964.7 million from Sh202.36 million.

Uchumi which attributes its woes to mismanagement by the company’s previous bosses who were sacked last year saw its accumulated losses rise to Sh4.31 billion from Sh3.29 billion reported at end June 2015.

The company’s former CEO Jonathan Ciano was sacked last June together with Chief Finance Officer Chadwick Okumu and Human Resources Manager Michael Kibe.

Julius Kipngetich was picked in August to replace him, has since announced measures to return the firm to profit, including closing loss-making outlets in Tanzania and Uganda.

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