Six Nairobi Securities Exchange (NSE)-listed firms have announced a delay in releasing their full-year results, citing the need for more time to complete audit processes.
Express Kenya Plc being the latest listed firm to announce a delay in their results beyond the 30th April deadline, joins a growing list of firms such as Kenya Re-insurance, WPP Scan group, among others.
Express Kenya issued a public notice citing that the COVID-19 Pandemic has severely affected the performance of the business, and as a result, the company has necessitated critical staff to work from home
” Due to this, the company is unable to comply with the CMA rules and deadlines for the submission and publication of the full year audited results,” said Express Kenya in the press release.
The Company has notified the CMA and sought an extension of time to 31st May 2021 to allow for full compliance with the regulations and holding of its Annual General Meeting(AGM).
Earlier on Kenya Re-insurance had issued a notice informing stakeholders of a delay in their audited financial statements for the financial year ended 31st December 2020.
The reinsurer attributed the delay to a change in actuarial valuation methodology regarding unearned premium reserves and claims reserve to an approach recommended by the Insurance Regulatory Authority Kenya. The corporation said it had sought and obtained approval from the Capital Markets Authority (CMA) to publish the results by end of May on the back of a change in valuation of unearned premium and claims.
All listed firms are expected to prepare and publish their annual performance statements within four months of the close of the financial year.
WPP Scan Group, which had also issued a notice of delayed publication to its shareholders, attributed the delay to investigations into misconduct of its ex-CEO Bharat Thakrar
“This has been occasioned by the ongoing investigations previously announced following management changes at the company,” said the firm.
East African Cable, Home Afrika Plc and crown paints have also informed shareholders of the delay in releasing results.