Uchumi’s painful road to recovery as low sales and debt hurt earnings

Uchumi C.E.O Julius Kipngetich taken on 14th July 2016. PHOTO:WILBERFORCE OKWIRI

Uchumi Supermarket received just a quarter of proceeds from the sale of Ngong Road Hyper after Kenya Commercial Bank took the rest to settle the retailer’s debt.

According to the company’s latest financials, it received Sh342 million for the prime property in Nairobi, which was sold for an estimated Sh1.4 billion.