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NSE Issues Profit Warning For 2022

Editor SharpDaily by Editor SharpDaily
November 28, 2022
in News
Reading Time: 2 mins read
Nairobi Securities Exchange (NSE)

The Nairobi Securities Exchange PLC (NSE) has issued a profit warning for 2022, meaning that its profits will fall by over 25 percent for the whole year.

Ina s statement, NSE said that the dip in profits was attributed to reduced trading in the equity and debt markets occasioned by continued economic challenges both locally and internationally, key among them the rising inflation, increase in interest rates in local and international
markets and re-allocation of funds from the frontier to developed markets, on the back of rising interest rates.

“As a result of this and based on the performance of the Company for the nine months to September 30th 2022, the Board of Directors of the NSE hereby informs its shareholders and the general public that the Company is expected to record a decline of more than 25% in the net profit attributable to shareholders of the Company for the financial year ended 31st December 2022, as compared to that for the same period ending 31st December 2021,” the statement read in part.

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“Details of the company’s financial position will be disclosed in the financial results announcement for the year ending 31 December 2022, expected to be published by the end of March 2023.”

NSE recently launched the enhanced NSE Market Place whose key initiatives will include working with the Government to increase the number of listings of state-owned enterprises by an additional 10 with a contribution of five listings from the private sector.

The latest move is aimed at catalyzing private-sector listings, increasing the level of retail investor participation through the provision of digital platforms, enhancing financial education through the use of NSE as a knowledge platform and increase the uptake of NSE products and services.

“The NSE recognizes its role as a key market infrastructure that will assist the Government in meeting some of its funding objectives, facilitate a savings culture among Kenyans through the provision of investable assets and ensure sustainability of companies’ through better oversight and strengthening of their governance structures,” added the statement.

NSE as a Group reported a decline of 24% in profit before tax to Ksh85.8 million for the first six months of 2022 while Profit after Tax fell by 48% to Ksh40.2 million from Ksh77.3 million in H1 2021.

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