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The concern was presented in the House by Majority Chief Whip Benjamin Washiali, who is also the area MP/FILE

Kenya

Mumias Sugar, Kenya Power delay releasing 2018 financial results

Mumias attributed the delay to financial challenges the company is facing and has been granted one month reporting deadline extension to November 30, 2018 by the Capital Markets Authority/FILE

NAIROBI, Kenya, Oct 31 – Mumias Sugar Company and Kenya Power Company have announced that they will delay releasing their 2018 full year financial results.

Mumias attributed the delay to financial challenges the company is facing and has been granted one month reporting deadline extension to November 30, 2018 by the Capital Markets Authority.

Kenya Power on their end attributes the delay to the recent changes in the company management and promises to release the financials by November 30, 2018.

Engineer Jared Omondi Otieno was appointed acting Managing Director at Kenya Power after the prosecution of Ken Tarus who headed the organization.

The appointment was made to bridge the gap left by the arrest and prosecution of the officials due to irregular acquisition of faulty transformers.

Ambrose Lemaon took over as the General Manager in charge of Finance while Joyce Awinja took over Supply Chain Management.

In first half of 2018, ended December 31, 2018, Kenya power profit before tax decreased by 19 percent from Sh5.6 billion in the previous year to Sh4.5 billion attributed to the general slowdown of the economy and an increase in financing costs.

Mumias Sugar on their part reduced its losses by half after over the half year to December 2017.

The firm announced a Sh1 billion reduction in losses, with loss after tax dropping 33 per cent to Sh1.95 billion in the period under review, compared to Sh2.92 billion over a similar half in 2016.

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