Eveready East Africa, a Kenyan manufacturer and marketer of battery brands has delayed results for its financial year ended Sept 30, 2021, due to ‘unavoidable circumstances’ it said.
The listed battery distributor said it was not able to meet the Capital Markets Authority reporting deadline of 31st January 2022.
“Our year-end reporting and publishing of the 30th September 2021 Audited Financial Results will be done before 15th February 2022,” The Board said in a Wednesday public notice that sought for the extension.
Its request for extension is to enable the Director’s to review additional confirmation and assurances on the financial statements and the company’s progress of implementation of the recovery initiatives undertaken during the year under review.
“These reviews have taken more time than was anticipated and it is important to complete the review process prior to publication of the audited financial statements.”
In 2020, the battery distributor company posted a loss before tax of Ksh.50 million compared to Ksh 107 million the previous year, a 53 per cent improvement.
“There was a 30% decrease in revenue due to lower sales numbers during the period principally as a result of the COVID-19 pandemic which impacted our customers, our supply chain and route to market in the period,” it said in its Annual Report.
Mrs Lucy Waguthi Waithaka, Chairperson said the company still believes in its 2018/22 Strategy after successfully concluding its Phase 1 of identifying new revenue drivers and aligning operations to those growth drivers in order to maximise their returns to our business.
“Our focus in Phase 2 is to appropriately secure Eveready’s identified revenue drivers, to ensure that they continue to grow and contribute correctly to our business. This means that we provide adequate investment and resources to fuel these growth drivers,” said Ms Waithaka.