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Kenya

Express Kenya issues profit warning

NAIROBI, Kenya, Jul 12 – Express Kenya is anticipating a 25 percent decline in its 2011 full year earnings, citing business instability in the last year.

In a profit warning issued on Thursday morning, the logistics firm said the dip has been influenced by the economic downturn that has generally affected transporters and the loss of part of its core business in transportation.

Last year Express Kenya lost out on business from East African Breweries Limited one of its major clients, which significantly impacted its second half year results for 2011.

In attempts to strengthen its business, the firm ventured into alternative investment options such as hiring out its trucks and workshop as well as laying off staff.

Express Kenya posted a half year net profit of Sh258 million in 2010.

The company transports goods in Kenya and the COMESA region, including southern Sudan and Ethiopia.

It operates a fleet of approximately 100 prime movers, consisting of trucks, small vans, trailers and forklifts among others.

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