HomeBoyz Entertainment made a triumphant entry onto the Nairobi Securities Exchange (NSE) on Monday, June 19th, 2023, with its shares trading at Kshs. 4.66. The company’s shares experienced high trading volume, making it the most actively traded counter with a turnover of Kshs. 15.5 million on its first day.
This significant milestone comes after a successful journey that began in April 2019 when HomeBoyz Entertainment was admitted into the Ibuka program, showcasing its commitment to growth and innovation. Demonstrating exceptional growth and resilience in the entertainment industry, the company was listed by introduction on the Growth and Enterprise Market Segment (GEMS) in December 2020, with a share price of Kshs. 4.66 and a valuation of Kshs. 294.5 million.
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HomeBoyz Entertainment weathered the challenges posed by the COVID-19 pandemic by securing exemptions from trading for one year, allowing them to concentrate on engaging with strategic investors. Their efforts bore fruit in late 2022, when discussions with a strategic investor resulted in a 30 percent stake acquisition in the business.
The company’s performance in the face of adversity was nothing short of remarkable, with a 144 percent year-on-year increase in top-line revenue. Their revenues surged from Kshs. 150 million to an impressive Kshs. 366 million, attributed to better performances across all revenue streams.
A testament to their dedication and hard work, HomeBoyz Entertainment reported a net profit of Kshs. 10.7 million, marking a significant turnaround from the Kshs. 17 million loss experienced in the previous year.
CEO Myke Rabar expressed his satisfaction with the company’s financial performance, attributing the success to the trust and support of investors.
Moving forward, HomeBoyz Entertainment aims to continue its growth trajectory and contribute significantly to the capital markets. The company’s resilience during the pandemic and impressive financial performance serves as an inspiration to other businesses navigating challenging economic conditions.
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With strategic investments and unwavering dedication, HomeBoyz Entertainment has proven that, with the right approach, it is possible to not only survive but thrive in the face of adversity.
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