By Barbra Onkoba
Trans-Century PLC (‘TC”) has announced 46% reduction in loss before tax in a half year results ended June 30, 2018
The gain to curbs the loss demonstrates traction in turning around the Group’s performance as the group reported a 54% gross profit.
The company is turning around its operations and management to redeem to its initial profit generating investment.
In the previous year, the group recorded gross profit margins from 14% to 27% in the period under review.
Speaking, Trans-Century Group CEO and Managing Director Ngang’a Njiinu attributed the growth to operational improvement and disciplined allocation of capital to boost the operations costs.
He says that Trans-Century continues to benefit from improved efficiencies and financial discipline reducing the Group’s operating expenses by 20%.
“Improved performance in the first half of the year has been achieved on the back of a tough liquidity environment. We, however, continue to focus on the implementation of our turnaround plan that includes the re-profiling of debt and securing additional working capital funding, “he said.
He said the company is well set to realize the benefits of the pent-up value in the order book.
He adds “ Results of the ongoing turnaround plan whose focus remains; delivering a robust and fundable order book, debt re-profiling to match cash flows, fundraising and efficient execution of order book are already evident in the Group’s delivery of an unprecedented confirmed order book in excess of KSh26 billion at the start of the year, a 62% growth from 2017,”
“Trans-Century remains strongly anchored on its competitive advantage that includes; unrivaled capacity, a robust order book and an innovative and entrepreneurial team” added Mr. Njiinu.