Olympia Capital blames Covid-19 for profit warning
Olympia Capital has issued a profit warning for the financial year ending Febraury 2021, months after its chief executive, Michael Maina Matu died.
The firm blamed Covid-19 for hurting earnings and expect profits to be significantly lower than last year.
Olympia Capital Holdings Limited first half 2020 profits after tax expenses stood at Kes 13.1 million through 31 August 2019.
The holding company headquartered in Nairobi, Kenya, with subsidiaries in Kenya, Botswana and South Africa has several businesses in East and Southern Africa.
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Mr Matu died last year after a 20-year stint at the firm listed on the Nairobi Securities Exchange since 1976, overseeing operations of its subsidiaries.
Its subsidiary and affiliated companies include Dunlop Industries Limited, Olympia Capital Corporation (Proprietary) Limited, Kalahari Floor Tiles (Proprietary) Limited, Gaborone Enterprises (Proprietary) Limited, Avon Rubber Company Ltd and Mather & Platt (Kenya) Ltd.
The company, through Olympia Capital Corporation (Pty) has interests in Kalahari Floor Tiles (Pty) Limited and Gaborone Enterprises (Pty) Limited, both in Botswana.
Its main investments are in companies dealing in the manufacture and sale of products used in the construction industry, such as floor tiles, adhesives, uPVC windows and door frames, cleaning chemicals, as well as fire prevention equipment, water pumps and real estate.
