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Home Afrika revenue dips further, cuts losses by 50 per cent

NEWS
By Macharia Kamau | April 29th 2017
By Macharia Kamau | April 29th 2017
NEWS

Real estate firm Home Afrika has reported a reduction in losses due to cost cutting measures despite a further dip in revenues.

The company, which is building the Migaa Golf Estate in Kiambu, said its losses more than halved to Sh168 million in 2016, compared to Sh390 million in 2015. Its revenues, however, declined to Sh222 million during the year, down from Sh259.7 million in 2015.

In a statement Friday, Home Afrika said it is still preparing for a fund raising that it expects to enable it complete some of its delayed projects. The firm, which recently announced that it is looking at raising between Sh2 billion and Sh5 billion through debt and equity, said the exercise will be concluded by end of this year.

It will be the second time in as many years that the firm has attempted to raise funds with a 2015 effort to raise Sh900 million flopped due to what management has in the past said were governance challenges. The firm’s share has been among stocks that have taken a beating declining to 80 cents by close of business Thursday.

“The funding acquired will be used primarily to facilitate completion of projects and thereby help increase profitability and improve shareholder value,” Home Afrika statement Friday.

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