Not necessarily so.

Mumias Sugar , Kenya Power , East African Portland Cement Company (EAPCC) and Uchumi Supermarkets failed to meet the October 31 deadline set by the Capital Markets Authority (CMA), meaning investors in the firms will have to wait longer to know whether the management generated any returns during the financial year ended June 2018.
https://www.businessdail...47630-xakb0t/index.html

What's the common thread?

Looting. On KPLC, Mr. Looto and Chumo took over where Mo1 and Gichooro left.

Mr Looto and Mo1

Is it technically possible for a company to operate in negative working capital or should this(operating in -ve capital) be considered the 9th wonder of the world?

How do you explain revenues of 9 billions and a net profit of 80 million in the case of car and general? Hapa Kenya kweli kuna mambo. CMA, NSE..... anyone please explain in basic english the madness that is the Nairobi bourse

I have seen this african proverb on soko mjinga manenoz huko twitter @cobbo3 "if foolish people don't go to the market, who will buy rotten bananas?"

1) A firm can run on -ve working capital as long as it generates enough cashflow to service its debt.
2) A Balance Sheet is a snapshot of a "day" and the situation may have been different on the 29th of that month or the 1st of the next month.
3) FY 2017 was tough for equipment/engineering sales yet it managed a profit vs many made losses. Think of your not-so-favorite airline, cement firms (ARM and EAPCC), supermarket, sugar firm, etc.

The Positives of Negative Working Capital
Wireless communications and broadcasting firms have a knack for taking in other people's cash quicker than theirs goes out.
http://ww2.cfo.com/cash-...gative-working-capital/

SafCom had -ve Working Capital (-27bn) as of 30 Sep 2018 but I would not consider SafCom in any sort of trouble...

Each sector and firm has its quirks.

Hapo kwa safaricom umenoa mzee

Thanks @vvs for the explanation. This dark winter(bear) has been long. The business news from Kenyan newspapers and international ones has been all doom and gloom. CMA and NSE honchos on the other hand have not inspiring at all and any thoughts of buying into the bear in this our NSE is wrought with suspicion of book cooking and inaccurate financial reporting. That listed firm you thought had perfect governance and whose numbers look good might burn you to recognition.

One cannot be faulted for being suspicious(bordering on paranoia) of all CEO's,boards and CFO's of listed companies in NSE.

Take Kenya Power as an example. Everyone even ECD kids know that the 2017-2018 books are being cooked proper with some assorted viungo(tumeric,capsicam,garlic,pili pili manga,knorr cubes,royco mchuzi mix etc) hapa na pale.How can a monopoly which lights up East Africa largest economy(or so we are told) be this erratic as far as management is concerned? What magic did government of Mzee Kibaki do to this firm that Jubilee cannot do? I don't want to believe that maombi alias sadaka has something to do with this