Transcentury Plc, a listed firm in the Nairobi Securities Exchange, has reported a Kes1.4 billion net loss for the half-year period that ended on 30th June 2020 compared to a net profit of Kes 297 million posted in the same period in 2019. The drop was attributed to the effects of the COVID-19 pandemic, which the group said disrupted demand and global supply chains.
The infrastructure company consequently reported a 21% decline in revenue to Kes1.999 billion from Kes 2.527 billion in the first half of 2019.
Transcentury Plc also noted that the write-back loan from East African Cables contributed to the company’s results, saying,
“it is worth noting that in the same period in 2019, the Group had a one-off gain in other income due to a write back on a loan restructured at East African Cables PLC, without which H1-2020 results recorded a significant growth.” Transcentury in their financial results.
The company has expressed optimism in Its performance in 2021, saying they have put in place measures to adapt to the changes in the market, resulting in an uplift towards the end of the year.
The company said the Board and Management has put in place measures to mitigate the effects of the pandemic and remain focussed on the execution of initiatives in line with our strategic plan.
The board of directors did not recommend the payment of an interim dividend.