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Safaricom Investment Company - IFRS Impact on FY2019

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maina20		#1 Posted : Wednesday, February 05, 2020 11:44:42 AM
Rank: Member Joined: 7/21/2010 Posts: 249 Location: nairobi		Just received the Financial reports for SIC-FY2019...how can change in reporting swallow ksh500 Million Operating profit? https://gallery.mailchim...ancial_Accounts_2019.pdf ..desire to succeed is always fighting with fear of failure..
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wukan		#2 Posted : Wednesday, February 05, 2020 12:09:35 PM
Rank: Veteran Joined: 11/13/2015 Posts: 1,569		Expect to see more damaged balance sheets going forward.
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Ericsson		#3 Posted : Wednesday, February 05, 2020 3:09:25 PM
Rank: Elder Joined: 12/4/2009 Posts: 10,641 Location: NAIROBI		wukan wrote: Expect to see more damaged balance sheets going forward. That is an excuse for poor performance. IFRS has prevented cooking of books Wealth is built through a relatively simple equation Wealth=Income + Investments - Lifestyle
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maka		#4 Posted : Wednesday, February 05, 2020 5:26:37 PM
Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi		Ericsson wrote: wukan wrote: Expect to see more damaged balance sheets going forward. That is an excuse for poor performance. IFRS has prevented cooking of books True.... possunt quia posse videntur
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murchr		#5 Posted : Thursday, February 06, 2020 5:52:20 AM
Rank: Elder Joined: 2/26/2012 Posts: 15,979		I see the big hole in sale of land and housing. Plus what's with the hike in internet expenses? "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore .
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maina20		#6 Posted : Thursday, February 06, 2020 8:11:07 AM
Rank: Member Joined: 7/21/2010 Posts: 249 Location: nairobi		murchr wrote: I see the big hole in sale of land and housing. Plus what's with the hike in internet expenses? The Property market is currently low, even Prism Towers are yet to get a tenant -one year down the line. Harambee sacco is also struggling to dispose land on target profit margins - https://www.businessdail...4024-c8enawz/index.html I agree, a change in reporting standards is not a scape goat for market reality... ..desire to succeed is always fighting with fear of failure..
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RIEK01		#7 Posted : Thursday, February 06, 2020 11:17:16 AM
Rank: New-farer Joined: 2/8/2018 Posts: 73		The investment in the Zaria project is the cause of the current situation, Ksh 448 m was paid in 2019 for the venture in a time when property market is facing headwinds. This kind of deals are the cause of collapse companies ask Trans Century.
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ngapat		#8 Posted : Thursday, February 06, 2020 11:29:15 AM
Rank: Member Joined: 12/11/2006 Posts: 874		Stima investment has been through this for last two years and still no signs of coming out soon. Thought SIC was well managed but im surprised “Invest in yourself. Your career is the engine of your wealth.”
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RIEK01		#9 Posted : Thursday, February 06, 2020 11:43:06 AM
Rank: New-farer Joined: 2/8/2018 Posts: 73		There was a change in management in Feb 19, they should be looked at with more scrutiny.
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maina20		#10 Posted : Thursday, February 06, 2020 4:58:50 PM
Rank: Member Joined: 7/21/2010 Posts: 249 Location: nairobi		ngapat wrote: Stima investment has been through this for last two years and still no signs of coming out soon. Thought SIC was well managed but im surprised There is an AGM this weekend... ..desire to succeed is always fighting with fear of failure..
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Ericsson		#11 Posted : Thursday, February 06, 2020 5:12:14 PM
Rank: Elder Joined: 12/4/2009 Posts: 10,641 Location: NAIROBI		RIEK01 wrote: There was a change in management in Feb 19, they should be looked at with more scrutiny. The previous management made their money and left Wealth is built through a relatively simple equation Wealth=Income + Investments - Lifestyle
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murchr		#12 Posted : Thursday, February 06, 2020 5:26:41 PM
Rank: Elder Joined: 2/26/2012 Posts: 15,979		maina20 wrote: murchr wrote: I see the big hole in sale of land and housing. Plus what's with the hike in internet expenses? The Property market is currently low, even Prism Towers are yet to get a tenant -one year down the line. Harambee sacco is also struggling to dispose land on target profit margins - https://www.businessdail...4024-c8enawz/index.html I agree, a change in reporting standards is not a scape goat for market reality... Everything else seems to be normal apart from sale of land and housing. The economy is hurting everyone "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore .
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Ericsson		#13 Posted : Saturday, February 08, 2020 3:59:40 PM
Rank: Elder Joined: 12/4/2009 Posts: 10,641 Location: NAIROBI		murchr wrote: maina20 wrote: murchr wrote: I see the big hole in sale of land and housing. Plus what's with the hike in internet expenses? The Property market is currently low, even Prism Towers are yet to get a tenant -one year down the line. Harambee sacco is also struggling to dispose land on target profit margins - https://www.businessdail...4024-c8enawz/index.html I agree, a change in reporting standards is not a scape goat for market reality... Everything else seems to be normal apart from sale of land and housing. The economy is hurting everyone So it needs skill and skin to avoid being burnt Wealth is built through a relatively simple equation Wealth=Income + Investments - Lifestyle
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murchr		#14 Posted : Saturday, February 08, 2020 5:21:15 PM
Rank: Elder Joined: 2/26/2012 Posts: 15,979		Who is attending the meeting? Admin move this tgread to the appropriate section "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore .
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tkzee		#15 Posted : Monday, February 10, 2020 11:26:51 AM
Rank: Member Joined: 7/13/2010 Posts: 160 Location: rift Valley-Naks		maina20 wrote: Just received the Financial reports for SIC-FY2019...how can change in reporting swallow ksh500 Million Operating profit? https://gallery.mailchim...ncial_Accounts_2019.pdf Looks like the revenue recognition was not proper.Revenue was previously recognised when customer made a deposit.Currently,recognition is done once the selling process is completed. I would say IAS 18 was not very clear on revenue recognition hence for room for manupulation. ''i can calculate the motion of heavenly bodies,but not the madness of people''-Isaac Newton
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maina20		#16 Posted : Monday, February 10, 2020 11:44:33 AM
Rank: Member Joined: 7/21/2010 Posts: 249 Location: nairobi		tkzee wrote: maina20 wrote: Just received the Financial reports for SIC-FY2019...how can change in reporting swallow ksh500 Million Operating profit? https://gallery.mailchim...ncial_Accounts_2019.pdf Looks like the revenue recognition was not proper.Revenue was previously recognised when customer made a deposit.Currently,recognition is done once the selling process is completed. I would say IAS 18 was not very clear on revenue recognition hence for room for manupulation. https://www.businessdail...49468-frc18h/index.html ..desire to succeed is always fighting with fear of failure..
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Mukiri		#17 Posted : Thursday, February 13, 2020 3:59:48 AM
Rank: Elder Joined: 7/11/2012 Posts: 5,222		Ericsson wrote: murchr wrote: maina20 wrote: murchr wrote: I see the big hole in sale of land and housing. Plus what's with the hike in internet expenses? The Property market is currently low, even Prism Towers are yet to get a tenant -one year down the line. Harambee sacco is also struggling to dispose land on target profit margins - https://www.businessdail...4024-c8enawz/index.html I agree, a change in reporting standards is not a scape goat for market reality... Everything else seems to be normal apart from sale of land and housing. The economy is hurting everyone So it needs skill and skin to avoid being burnt Diversification IMO They should get into the business of drilling boreholes... and start with the properties they've sold. My thinking is, if people made use of the idle land they bought, they'd have money to buy more property and/or shares. When the land is dry, the pockets are dry, income and dividends dry Proverbs 19:21
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