NAIROBI, Kenya, Feb 1-Battery Distributor Eveready East Africa has announced that it will delay publishing its financial results for the year ended September 2020.
The firm says it needs more time to review its status during the period thus being unable to meet the deadline set by the regulator Capital Markets Authority.
“ We wish to notify our shareholders and all interested stakeholders that due to unavoidable circumstances we will not be able to meet the CMA reporting deadline and we will therefore delay in our year-end reporting and publishing of the 30 September 2020 audited financial results,” reads the statement.
According to the group, the extension will give room to also check the impact of the coronavirus on the business.
“The extended time will enable our directors to issue additional confirmations and assurances on the financial statements to include the impact of the COVID-19 pandemic on the company’s performance and review the progress of the implementation of the initiatives undertaken in the year to guide the company’s recovery response to the pandemic and future prospects,” it added.
In 2019, Eveready East Africa posted losses worth Sh303.5 million, which was a further fall from the Sh116.4 million reported in the full year to September 2018.
The losses were a result of growing competition in the local market that has cut demand for Eveready East Africa’s product portfolio.
The company’s sales revenue in the year ended September 2019 dipped 24 percent to Sh190.67 million from Sh251.72 million recorded in the period to September 2018.
The Nakuru-based firm has been in financial distress in recent times after the fall-out with American battery maker Energizer in 2016.