AccessKenya sees strong first half results - CNBC Africa

AccessKenya sees strong first half results

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Cash generated from operating activities increased from 329 million Kenyan shillings in the first half of 2012 to 427 million Kenyan shillings in the first half of 2013.

“The company has accelerated its capital expenditure programme compared to last year which has been financed by operating cash flows,” said Jonathan Somen, the managing director for the AccessKenya Group.

The group, which had reported its unaudited results, saw earnings before interest, tax, depreciation and amortisation increase by 14 per cent to 384 million Kenyan shillings.

Total revenues went up by 6 per cent in the first half of 2013 compared to the same period in 2012 and the technology solutions provider also reported that overall revenues for the half year have broken through the one billion barrier.

Profit after tax rose to 110 million Kenyan shillings in the first half of 2013, equating to an earnings per share of 0.51.

Financing expenses fell by 55 per cent to 38 million Kenyan shillings due to reduction in lending rates and continued repayment of the loans. This continues the trend seen in the second half of 2012 as lending rates have continued to fall.

“The group has continued to record an improvement in its performance on key operating metrics in comparison to 2012 and, as expected, a large reduction in financing cost driven by the fall in interest rates in 2013,” said Somen.

“Operating conditions remain competitive, but the group is expected to continue growing at a rate similar to that of H1 2013.”

South Africa-based Dimension Data announced its takeover of the AccessKenya Group after it received acceptances from holders of over 75 per cent of the AccessKenya shares in issue.