Transcentury has reported a KSh1.4 billion net loss for the half-year period that ended on 30th June 2020 compared to a net profit of KSh297 million posted in the same period in 2019.

The company involved in the manufacture of power cables, infrastructure projects, and engineering reported a 21% drop in revenue in the first half of 2020 to KSh1.999 billion from KSh2.527 billion in the first half of 2019.

“The Group’s performance in the 1st half of 2020 was impacted by the effects of COVID-19 pandemic which disrupted demand and global supply chains, resulting in a 21% decline in revenue as compared to the same period in 2019,” Transcentury said in its financial report.

The company’s total assets decreased to KSh12.6 billion at the end of 31st December 2020 from KSh13.0 billion on 31st December 2019.

Transcentury announced plans to issue 2 billion new ordinary shares, in addition to the already issued 1.2 billion ordinary shares, through a rights issue. The rights issue will be on the basis of five (5) new shares for every one (1) ordinary share held. The company said that the rights issue will be subject to any required regulatory approval including approval from the Capital Markets Authority.