NAIROBI, Kenya, Jan 25 – Crown Paints Kenya has issued a profit warning stating they expect their profit to decrease by more than 25 per cent for the year ended December 2018.
In a statement, the company says its performance has been adversely affected by difficult market conditions in all the subsidiaries in Tanzania, Uganda and Rwanda.
It posted a profit of Sh223.29 million for the year ended December 2017.
The company however states that it is on track in executing its turn-around strategy and strengthening its balance sheet.
“As such, the group is optimistic that the business of the group will improve in 2019.”
Crown Paints is not the only company expecting to have a dip in profit.
Others include Britam Holdings, HF Group and UAP among others.