UAP Holdings makes Sh518 million loss in 2018
SEE ALSO :UAP in Sh518m loss on increased claims“The combination of a bearish performance on the Nairobi Securities Exchange, the contracting economy in South Sudan and increased competition and once-off restructuring costs led to declined profitability for the business,” said Peter Mwangi, Group Chief Executive Officer. "The Nairobi Securities Exchange 20 Share Index was down 23.5 per cent in 2018 thus negatively impacting the Group's holdings on the bourse with unrealized losses on equities amounting to Sh478 million," noted the firm. Additionally, the Group suffered an Sh604 million loss from a valuation write-down of its property in South Sudan. The Group also parted with Sh780 million owing to failed investments in corporate bonds issued by Athi River Mining (ARM) and lost deposits by the failed Tanzania's Bank M. "We expect to realize more savings in 2019 given that the impact of the reorganization exercise will be experienced for the full year," he added.
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