A total of 12 listed firms issued profit warnings to prepare investors that their bottom-lines were headed for at least a 25 per cent drop. In commercial and services segment, Nairobi Business Ventures (NBV) and Standard Group issued profit warnings as five out nine firms posted losses. However, Express Kenya posted a loss of Sh26.8 million while Kenya Airways, which changed its reporting date from March to December, booked a Sh10.2 billion loss. The firm issued a profit warning meaning that it expects a worse performance than the Sh864 million loss in 2016. Seven banks- Family Bank, Consolidated Bank, Ecobank, Jamii Bora bank, Middle East Bank Kenya, Sidian Bank and SBM Bank- succumbed into losses.

Source: Standard Digital April 15, 2018 10:18 UTC