Britam Holdings has announced its 2015 profit will fall below last year’s, becoming company number 14 to issue a profit warning.
UAP Insurance, which is not quoted but exchanges on the over-the-counter market, also gave a profit alert last Thursday increasing the total number of firms that have publicly forecast lower profit to 15.
“The board of Britam Holdings Limited would like to notify its shareholders and the general public that the company will announce lower profits for the year ending December 31, 2015 compared to the same period in 2014,” said Nancy Kiruki, Britam’s company secretary.
Britam attributed this to a depressed economy that had slowed down the performance of firms listed on the Nairobi Securities Exchange (NSE).
“This caused a slump in the performance of the NSE which had a significant impact on the fair value gains on the group’s financial assets,” said Ms Kiruki.
UAP Group company secretary Nkirote Njiru said the company expects its earnings to be at least 25 per cent lower than last year’s due to increase in interest rates and significant strengthening of the dollar against local currencies which has resulted in forex losses.
