Khusoko – East African Markets
    Facebook Twitter Instagram
    Khusoko – East African MarketsKhusoko – East African Markets
    • NEWS
    • ECONOMY
      • BANKING & FINANCE
      • COMPANY
      • MARKETS
    • INDUSTRY
      • AGRICULTURE & ENVIRONMENT
      • HEALTH & WELLNESS
      • PROPERTY
        • RETAIL
      • TECHNOLOGY
        • ELECTRONICS
    • ENTREPRENEURSHIP
      • ENTREPRENEURS
      • PEOPLE
      • PERSONAL FINANCE
    • SPORTS
    • COMMENTARY
    • ARTS & CULTURE
      • BOOKS
      • ENTERTAINMENT
      • FAMILY & RELATIONSHIPS
      • FASHION & STYLE
      • FOOD & DRINK
      • TRAVEL & LEISURE
    Khusoko – East African Markets
    MARKETS

    ARM Cement Audited 2018 Financial Year Results to be Published in June

    David IndejeBy David Indeje2019-05-09No Comments2 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    ARM Cement Athi River Plant
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Debt-laden ARM Cement PLC (NSE:ARM) application to delay the release of its results for the financial year 2018 has been approved by the regulator.

    The cement maker missed the March 30 deadline. However, its Administrators in a Public Notice dated April 30 said:

    “The company has applied for and obtained approval from the Capital Markets Authority for a two-month time extension in order to publish the audited financial statements of the company for the financial year ended 31 December 2018 on or before 30 June 2019.”

    “The Administrators have taken steps to address the challenges that have occasioned the expected delays in the publication of the audited financial statements. In particular, audit of the accounts of the company and its subsidiaries for the financial year 2018 is currently in progress,” they added.

    ARM’s net losses in the year ended last December 2017 increased by Ksh 1.2 billion to Ksh 14.4 billion. The company cited reduced business activity and lower cash generation during the year led to a reduction in net working capital.

    Before being placed under administration, the firm in its 2017 Annual Report had indicated that “The Directors have embarked on a financial restructuring plan of the Group which includes equity injection and replacement of the expensive short-term loans with long-term loan facilities.”

    CMA regulations require listed firms to prepare and publish their annual and interim financial statements in at least two newspapers of national circulation within four and two months of the close of the financial year respectively.

    ARM Cement was placed under administration in August 2018 to give it an opportunity to recover by keeping away creditors from attaching its property with Muniu Thoiti and George Weru of PwC taking over the management.

    ARM Cement
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    David Indeje
    • Website
    • Facebook
    • LinkedIn

    In my role as Community Engagement Editor For Khusoko, I care about our audience. engaging them, getting news delivered to them across a variety of platforms, and expanding the diversity of voices on our website.

    Related Posts

    Protests Rock Kenya’s Capital as Businesses Stare at Heavy Losses

    2023-03-20

    Kenya, US to Hold In-Person Proposed Trade Talks in April 2023

    2023-03-20

    Petrol Price Hiked By Ksh 2, Diesel and Kerosene Remain Unchanged

    2023-03-14

    Leave A Reply Cancel Reply

    Our Language is Flirty
    https://www.facebook.com/flirtynailsparlour/
    MORE TOP STORIES
    • Nancy Karigithu, Africa’s Candidate for the Post of Secretary General of IMO
    • Kenyan Startup Zumi Shutting Down; 150 Employees Affected
    • Why Kenyan Students Consider Dropping Out of Higher Education
    • Protests Rock Kenya’s Capital as Businesses Stare at Heavy Losses
    • TransCentury Shareholders Give Nod to Conversion
    • Facebook
    • Twitter
    • LinkedIn
    Facebook Twitter LinkedIn
    • ABOUT US – KHUSOKO
    • PRIVACY POLICY
    • KHUSOKO STANDARDS GUIDE
    © 2023 Khusoko. All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.