TransCentury PLC has told its shareholders that it will delay releasing its audited financial statements for the year ended 31st December 2019 due to the incomplete audit of its subsidiary, East African Cables PLC.
The Infrastructure Company listed on the Nairobi Securities Exchange says the Capital Markets Authority has approved the extension to file and publish the results at a later date.
Its audited financial statements shall be published no later than 31st July 2020.
In its half-year financial results, it recorded KSh298 million in profit after tax buoyed by a KSh1.3 billion net gain from a debt restructuring process, reversing a KSh684 million loss recorded in 2018.
“The group recorded net profit of KSh298 million compared to a loss of KSh685million over the same period last year,” explained the firm in a note accompanying the financial results.
TransCentury has been struggling with a debt burden, losses, and a plunge in its share price but recently completed a debt restructuring deal with East African cables that has reduced the group’s debt by almost half.
In 2018, the Group said it made commendable progress in key areas of the business, in line with the Ahidi 2018-2022 strategy plan on the back of their outlined four (4) steps turnaround plan whose milestones would be reflected in 2019 financial statements.
It’s subsidiary East African Cables Plc will also delay publishing their audited financial results for the year ended December 31, 2019. Th firm said it had reached a debt settlement and restructuring agreement with SBM Bank (Kenya) Limited leading to the withdrawal of its petition to liquidate it.
TransCentury PLC operates three divisions across 14 countries in East, Central, and Southern Africa. TCL operating divisions include; Power Infrastructure, Infrastructure Projects, and Engineering.