This archive report was first published on 2 September 2019.
Home Afrika released its half-year results for the period ended June 30, 2019, showing a 3% drop in revenue to KSh103.26 million from KSh106.72 million in the first half of 2018.
Despite a significant improvement in operating loss, which decreased by 31.6% to KSh58.055 million, the company reported a pretax loss of KSh94.632 million, a 31.6% decrease from the KSh138.431 million loss before tax in the previous year.
The company's long-term project, The Migaa Golf Estate, is expected to realize profitability within 3-4 years. The project will be carried out as current liabilities in the balance sheet as deferred income, according to the company's accounting policy.
Home Afrika's book value of sellable land and other inventory stood at KSh3.7 billion in 2019, with continued investments in infrastructure expected to increase the market value of the land.
The firm's directors did not recommend a dividend payout.
