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Nakumatt: Another ailing Kenyan company

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Kaigangio		#21 Posted : Friday, October 28, 2016 12:26:51 PM
Rank: Elder Joined: 2/27/2007 Posts: 2,768		I see a familiar pattern... Uchumi troubles...theft Naivas troubles...theft Nakumatt troubles...theft *...besides, the presence of a safe alone does not signify that there is money inside...*
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watesh		#22 Posted : Friday, October 28, 2016 12:43:28 PM
Rank: Veteran Joined: 8/10/2014 Posts: 992 Location: Kenya		Kaigangio wrote: I see a familiar pattern... Uchumi troubles...theft Naivas troubles...theft Nakumatt troubles...theft Theft is the only reasonable explanation as to why they cant pay suppliers. If it was overstocking, they would have items on their shelves but they dont. Their products are relatively higher priced than their competitors (bigger margins), their target customers has always been middle class and upward (higher spending), they have the best locations and widest reach. Somebody has to be siphoning money out just like in Uchumi.
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Pesa Nane		#23 Posted : Friday, October 28, 2016 1:04:19 PM
Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c		Bigchick wrote: They have overstock and end up with alot of dead stock. Am also thinking the changes in the banking sector are beginning to bite.Banks have become tight with their overdrafts.Both to the supermarket and the suppliers.Banks have lines called Invoice Discounting which are now dying since the margins are low.The banks are also keen on who the Principle is on the Invoice and are not accepting some.That effectively grounds the supplier who is not paid by the Principle on delivery nor the bank advancing them working capital. We clapped at Interest rates capping but me thinks kunaanza kuharibika. Dead Stock?? More like stock that died!! Pesa Nane plans to be shilingi when he grows up.
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Angelica _ann		#24 Posted : Friday, October 28, 2016 1:06:55 PM
Rank: Elder Joined: 12/7/2012 Posts: 11,937		You see the difference, in Uganda you don't pay for supplies, they don't supply anymore, while in Kenya suppliers keep on supplying despite non payment. In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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MaichBlack		#25 Posted : Friday, October 28, 2016 1:35:09 PM
Rank: Elder Joined: 7/22/2009 Posts: 7,910		FRM2011 wrote: KulaRaha wrote: Is it a case of expansion really? Or more a case of diversion of cash offshore? I think this is the closest theory to explain nakumatt's predicament. I agree!!! Nakumatt makes ridiculous margins on products, they don't build or buy premises - they lease, they get products on credit, their wage bill is below average - underpaid employees, they are a very popular brand - high number of (quality) customers etc. How the hell are they in the red??? Only siphoning makes sense!! Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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MaichBlack		#26 Posted : Friday, October 28, 2016 2:29:43 PM
Rank: Elder Joined: 7/22/2009 Posts: 7,910		Pesa Nane wrote: Bigchick wrote: They have overstock and end up with alot of dead stock. Am also thinking the changes in the banking sector are beginning to bite.Banks have become tight with their overdrafts.Both to the supermarket and the suppliers.Banks have lines called Invoice Discounting which are now dying since the margins are low.The banks are also keen on who the Principle is on the Invoice and are not accepting some.That effectively grounds the supplier who is not paid by the Principle on delivery nor the bank advancing them working capital. We clapped at Interest rates capping but me thinks kunaanza kuharibika. Dead Stock?? More like stock that died!! Hii ndio inaitagwa kuchoma picha!!! Anyone who never knew the best scenario to use the phrase Kuchoma picha there you are!!! Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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2012		#27 Posted : Friday, October 28, 2016 2:37:46 PM
Rank: Elder Joined: 12/9/2009 Posts: 6,592 Location: Nairobi		Nakumatt should be investigated. Something doesn't look, smell or sound right. It should be done quickly before they mess their unsuspecting suppliers like Uchumi. BBI will solve it :)
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enyands		#28 Posted : Friday, October 28, 2016 2:49:23 PM
Rank: Elder Joined: 12/25/2014 Posts: 2,301 Location: kenya		Kaigangio wrote: I see a familiar pattern... Uchumi troubles...theft Naivas troubles...theft Nakumatt troubles...theft We are thieves. We steal and as tax are stolen,taxes still rise everyday and stealing keep rising. We sit down as resources are stolen. No one goes to put pressure on govt about stealing just corrupt mpigs. Come election we align ourselves under tribal mushroom heads and cocoons. Welcome to Kenya ,our economy is growing at 6.5% Nakumatt is a private company. No public interest in it just individual shareholders who should initiate the process. Has nothing to do with govt auditing unless govt has shares there
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MaichBlack		#29 Posted : Friday, October 28, 2016 3:05:43 PM
Rank: Elder Joined: 7/22/2009 Posts: 7,910		What is in the pipeline??? Nakumatt IPO. The company will be bled dry and then Kenyans will be sold a shell with a renowned brand name!!! This has happened a number of times now. Founder members sell shares to the public, the bail and the price heads south very fast. Or the bleed the company through questionable deals then sell it to the public. The CMA is supposed to make sure that doesn't happen but most of the time they are dead asleep and/or clueless!!! Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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mlennyma		#30 Posted : Friday, October 28, 2016 3:10:47 PM
Rank: Elder Joined: 7/21/2010 Posts: 6,194 Location: nairobi		2012 wrote: Nakumatt should be investigated. Something doesn't look, smell or sound right. It should be done quickly before they mess their unsuspecting suppliers like Uchumi. Nakumatt is a private company,it doesn't have any tax payers money so no complainant,the suppliers must make noise to attract the attention of the state or they perish silently "Don't let the fear of losing be greater than the excitement of winning."
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