This archive report was first published on 31 July 2019.
Published on July 31, 2019, Home Afrika, a Nairobi bourse-listed real estate developer, has sunk deeper into the red with a Sh346.2 million net loss for the year ended December 2018.
This represents a 90 percent increase in losses compared to the Sh181.7 million it recorded the year before.
The company blamed the worsened performance on lower sales in the local real estate sector, citing rationed credit by banks as a major contributor.
Its revenues from contracts with customers dropped 58.51 percent to Sh109 million in the period from Sh262.7 million the year before.
Home Afrika confirmed another dividend drought for shareholders, declaring it will not pay out any dividends for the period.
The company is eyeing fresh capital injection from investors to turn around its fortunes, with the process of fundraising reportedly progressing well.
Chinese investor Zeyun Yang, the developer of Great Wall apartments in Machakos, became the single largest shareholder in Home Afrika after acquiring an 8.2 percent stake last year.
