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The drop is attributable to a debt of Sh114 million that the company received in 2013/FILE

Kenya

Debt bites into NSE’s 2014 H1 profit

The drop is attributable to a debt of Sh114 million that the company received in 2013/FILE

The drop is attributable to a debt of Sh114 million that the company received in 2013/FILE

NAIROBI, Kenya, Aug 26 – The Nairobi Securities Exchange (NSE) has reported a 30 percent drop in their first half of 2014 net profit to Sh107 million compared to Sh154 million recorded in the first half of 2013.

The drop is attributable to a debt of Sh114 million that the company received in 2013.

Total income increased by 26 percent from Sh281 million in the first half of 2013 to Sh353 million in the first half of 2014 driven by an increase in equity turnover buoyed by improved performance of companies listed on the exchange.

“Equity turnover increased by 37 percent to Sh201 billion as compared to Sh147 billion in the first half of 2013, foreign investors averaged at 54 percent of total turnover,” the NSE reported in statement.

Administrative expenses rose by 12 percent to Sh181 million from Sh161 million recorded same period 2013 while the fixed income market slid by 14 percent from Sh530 billion in 2013 to Sh457 billion.

The company launched an Initial Public Offer to raise Sh627 million by selling about 66 million shares at a price of Sh9.50 per share.

The shares will be listed and commence trading on September 9, 2014.

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