The Board of Directors of Home Afrika Limited has appointed Mr Nelson Ashitiva as a Non-Executive Director of Home Afrika with effect from 1st September 2021.
Nelson Ashitiva is a lawyer, business leader and corporate governance expert with more than 15 years of experience. He leads three business advisory firms in the sector of law, energy and structured finance. His expertise includes mergers & acquisitions, capital markets, corporate/ commercial transactions and investments in each of which fields he is an acknowledged leading professional. He regularly advises boards of private and publicly listed companies on capital raising, corporate governance, business strategy and regulatory compliance.
Mr Ashitiva is a Member Chartered Institute of Arbitrators, holds a Bachelor of Laws from University Nairobi and is currently pursuing his MBA from the University of Nairobi.
The board was pleased to welcome him and congratulated him on his appointment.
Home Afrika Half Year Results
Home Afrika recorded a net loss of Kes 222.8 Million in H1, 2021 compared to a loss of KSh 243.2 Million over a similar period last year.
The firm’s balance sheet also shrunk to Kes 3.6 Billion from Kes 3.9 Billion in H1, 2020, while Operating Loss widened to Kes 147.9 Million from Kes 131.2 Million at the close of the first six months of 2020.
Home Afrika’s profitability remained in negative territory, with loss by share declining to Kes 0.45 from Kes 0.49 in H1, 2020. The firm attributed the performance to the disruptive effects of COVID-19 which they said continue to hurt the economy and the company.
The shut down of many businesses, loss of jobs and the reduction of disposable income have reduced the uptake of the firm’s properties resulting in a 34% fall in revenue booked for the period ending 30th June 2021 to Kes 28.2 Million, compared to Kes 43 Million in H1, 2020.
However, the firm has put up measures to push up its investments in the infrastructure of the various projects to improve their market value.
Additionally, the board said it has put in place a turnaround strategy to improve the firm’s performance and create more value for all stakeholders.
Directors of the firm did not recommend any interim dividend payment to shareholders for H1, 2021.