Browsing: Flame Tree Group (FTG) Holdings

Flame Tree Group (FTG) Holdings has announced a 64% increase in pre-tax profit up to KES148.4 million ($1.4 million)  for the 2020 Financial year, from KES90.5 million ($900,000 USD) posted the previous year.

FTG Holdings is the diversified manufacturer and distributor of plastic tanks, cosmetics, snacks, spices and playground equipment.

According to the Nairobi Securities Exchange (NSE) listed firm, all profit ratios showed major improvements.

In a press statement issued on Thursday, April 15, the firm noted that sales increased by 20% and the gross margin grew by 39% from 34 p.p. to 39 p.p.

The company was able to cut down costs and achieve savings in all areas, following the implementation of a cost-saving plan.

However, there was an increase in depreciation costs (due to new equipment and asset revaluation from previous year), debt impairment, and finance costs (impacted by the devaluation of the Kenyan Shilling) in FY2020.

All …