Although Uchumi Supermarkets was supposed to release its full year financial results last year, it is yet to do so. Last week, the retailer postponed the releasing of the results for the second time.
It announced that the results will now be released at the end of this month.
Uchumi has been citing problems with getting proper financial information from its closed Uganda and Tanzania operations.
Apparently, government restrictions in Uganda and Tanzania combined with logistical challenges at the time of closure mean that it is yet to get a satisfactory picture of the financial standing of the closed subsidiaries.
“We are almost finalising the accounting work. They (Uganda and Tanzania units) operated for only three months of the reporting period and when they closed we did not have the chance to do a proper accounting audit on the ground,” said Uchumi Chief Executive Officer Julius Kipng’etich.
“At the moment, we are working with the relevant authorities to retrieve the information, in as much it might not be significant from management’s point of view though important for audit, in accordance to the International Financial Reporting Standards (IFRS).”