Express Kenya, a public limited company that provides warehousing and storage services, custom transport solutions, and quality logistic services, has issued a profit warning, projecting net earnings for the fiscal year ending December 31, 2023, to be at least 25% lower than those in the previous fiscal year.
The company also handles all customs documentation for imports and exports and offers cargo insurance coverage against all risks of physical loss or damage.
It cited economic challenges in its profit warning to its investors.
“The company has been faced with adverse economic challenges this year. The warehousing operations are still significantly low due to the decrease in demand and low economic activities leading to reduced income.”
The current share price of Express Kenya Limited (XPRS) is KES 3.99. XPRS closed its last trading day (Monday, December 4, 2023) at 3.99 KES per share on the Nairobi Securities Exchange (NSE), recording a 3.1% gain over its previous closing price of 3.87 KES.
Express began the year with a share price of 4.71 KES but has since lost 15.3% off that price valuation, ranking it 47th on the NSE in terms of year-to-date performance.
Other companies that have issued profit warnings for the fiscal year include Crown Paints Kenya PLC, WPP Scangroup, Kenya Airways, Everready, Nation Media Group, Sasini, KPLC, Centum, Unga Group, Longhorn Publisher, and Car & General.