This archive report was first published on 30 August 2021.
On August 30, 2021, Homeboyz Entertainment Plc released its financial results for the six months to June 2021, showing a net profit of Ksh2.3 million, up from a net loss of KSh3.8 million in the same period in 2020.
The entertainment, production, and events company was hit hard by the pandemic since March last year but managed to bounce back into profit-making territory.
Homeboyz attributed its improved performance in H1 2021 to key contracts including the World Rally Championship (WRC), Kenya Open, and Football Kenya Federation (FKF).
The WRC Safari Rally held in Naivasha in July was one of the biggest sporting events of the year, as was the Kenya Open tournament hosted in Karen in March.
Homeboyz noted that it continued to feel the impact of the Covid-19 pandemic, which has deeply affected the entertainment and events sectors.
However, the company highlighted that the improved performance in H1 2021 was driven by key contracts, with revenues picking up modestly.
Homeboyz lowered its direct costs by 10% compared to the same period last year, falling from Ksh29.6 million to Ksh26.8 million.
Administrative costs also reduced significantly, from Ksh25.5 million in H1 2020 to Ksh12.8 million in H1 2021.
Homeboyz Entertainment’s Board of Directors did not recommend an interim dividend for the first half of 2021.
The company is looking forward to improved performance in the coming months with Covid-19 measures expected to gradually ease.
