Home Afrika has posted a net loss of Sh. 390.1 million for the full year 2015. The loss came as the property developer’s gross sales slumped by 62.2 per cent to Sh259.8 million.
“This was attributed to reduced sale of plots in Home Afrika’s various projects, including Migaa Golf Estate … in Kiambu County,” said the company in the statement to the Capital Markets Authority.
Home Afrika’s loss before tax stood at 410.8 million shillings. It’s revenue dropped to 259.7 million shillings versus 687.3 million shillings posted a year ago.
The developer’s total assets by Sh. 200 million from Sh. 3.7 billion to Sh. 3.9 billion in 2015.