Business

Express Kenya net losses rise to KSh 82.9M

Express Kenya losses rose to KSh 82.9m in 2021 from a net loss of KSh 30.7m in 2020, according to the company’s annual report and consolidated financial statements for the year ended December 31st 2021.

Revenue from contact with customers increased from KSh 15.8m to KSh 26.3m, while the firm’s gross loss increased from KSh 5.9m in 2020 to KSh 48.5m.

Express Kenya made a pre-tax loss of KSh 75.6m compared to a loss of KSh 35.6m the prior year, while the firm’s operating loss rose from KSh 26.6m to KSh 67.6m in the period under review.

Shareholders’ funds declined from KSh 631.5m in 2020 to KSh 548.5m in 2021, while borrowings declined to KSh 264.1m from KSh 271.8m in 2020.

The company’s revenue improved by 66% to KSh 26.3m compared to 2020, while direct costs increased by KSh 52.2m.

ALSO READ; Express Kenya to Delay Publication of its End-year Results


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