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Safaricom Investment Company - IFRS Impact on FY2019
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maina20
#1 Posted : Wednesday, February 05, 2020 11:44:42 AM
Rank: Member

Joined: 7/21/2010
Posts: 249
Location: nairobi
Just received the Financial reports for SIC-FY2019...how can change in reporting swallow ksh500 Million Operating profit? https://gallery.mailchim...ancial_Accounts_2019.pdf
..desire to succeed is always fighting with fear of failure..
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wukan
#2 Posted : Wednesday, February 05, 2020 12:09:35 PM
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Joined: 11/13/2015
Posts: 1,658
Expect to see more damaged balance sheets going forward.
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Ericsson
#3 Posted : Wednesday, February 05, 2020 3:09:25 PM
Rank: Elder

Joined: 12/4/2009
Posts: 10,820
Location: NAIROBI
wukan wrote:
Expect to see more damaged balance sheets going forward.
That is an excuse for poor performance. IFRS has prevented cooking of books
Wealth is built through a relatively simple equation Wealth=Income + Investments - Lifestyle
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maka
#4 Posted : Wednesday, February 05, 2020 5:26:37 PM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
Ericsson wrote:
wukan wrote:
Expect to see more damaged balance sheets going forward.
That is an excuse for poor performance. IFRS has prevented cooking of books
True....
possunt quia posse videntur
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murchr
#5 Posted : Thursday, February 06, 2020 5:52:20 AM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
I see the big hole in sale of land and housing. Plus what's with the hike in internet expenses?
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore .
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maina20
#6 Posted : Thursday, February 06, 2020 8:11:07 AM
Rank: Member

Joined: 7/21/2010
Posts: 249
Location: nairobi
murchr wrote:
I see the big hole in sale of land and housing. Plus what's with the hike in internet expenses?
The Property market is currently low, even Prism Towers are yet to get a tenant -one year down the line. Harambee sacco is also struggling to dispose land on target profit margins - https://www.businessdail...44024-c8enawz/index.html I agree, a change in reporting standards is not a scape goat for market reality...
..desire to succeed is always fighting with fear of failure..
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RIEK01
#7 Posted : Thursday, February 06, 2020 11:17:16 AM
Rank: New-farer

Joined: 2/8/2018
Posts: 73
The investment in the Zaria project is the cause of the current situation, Ksh 448 m was paid in 2019 for the venture in a time when property market is facing headwinds. This kind of deals are the cause of collapse companies ask Trans Century.
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ngapat
#8 Posted : Thursday, February 06, 2020 11:29:15 AM
Rank: Veteran

Joined: 12/11/2006
Posts: 930
Stima investment has been through this for last two years and still no signs of coming out soon. Thought SIC was well managed but im surprised
“Invest in yourself. Your career is the engine of your wealth.”
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RIEK01
#9 Posted : Thursday, February 06, 2020 11:43:06 AM
Rank: New-farer

Joined: 2/8/2018
Posts: 73
There was a change in management in Feb 19, they should be looked at with more scrutiny.
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maina20
#10 Posted : Thursday, February 06, 2020 4:58:50 PM
Rank: Member

Joined: 7/21/2010
Posts: 249
Location: nairobi
ngapat wrote:
Stima investment has been through this for last two years and still no signs of coming out soon. Thought SIC was well managed but im surprised
There is an AGM this weekend...
..desire to succeed is always fighting with fear of failure..
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