WPP Scangroup, a leading marketing and advertising company released its half results for the financial year 2021 reporting a profit after tax of Ksh 31.4 Million from a loss of Ksh 532.0 Million in the same period in 2020.
The listed company reported net sales of Ksh 1.1 Billion, an increase by 1.7%. Operating profit came in at Ksh 8.5 Million from an operating loss of Ksh 267.5 Million. Interest income rose by 153.9% to Ksh 99.2 Million.
Total assets fell by 32% to Ksh 8.8 Billion on the back of a 28% decline in current assets to Ksh 7.8 Billion and a massive 51% decrease in cash to Ksh 3.6 Billion.
WPP Scangroup Plc released their 2021 half year results. WPP had earlier postponed the released of the 1H21 financials by one month following the subsequent delayed release of FY2020. pic.twitter.com/cr99w2zf6g
— Hisa (@HisaApp) September 30, 2021
Total liabilities during the period under review went up by 17% to Ksh 3.5 Billion as the firm’s total equity fell by 46% to Ksh 5.3 Billion.
Net cash for operating activities was up 30% to Ksh 279 Million while net cash used in financing activities was up 7% to Ksh 38 Million.
Profit Warning
WPP Scangroup also issued a profit warning, with expectations that the company’s Full year 2021 earnings will be at least 25% lower than Full Year 2020.The board did not recommend an interim dividend.
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