A series of profit warnings from listed companies since September 2023 has shaken investor confidence at the Uganda Securities Exchange (USE) as firms struggle to navigate a tough economic and business landscape.

Earlier this year, five firms issued profit warning alerts regarding their financial performance for 2023. Now, as they review their mid-year financials, which often provides a glimpse into full-year projections, two of these companies have issued fresh profit warnings for 2024.

It looks unprecedented but a close look at their filings reveals a slow macroeconomic environment that has handicapped a number of households who wouldn’t consume their products. This year already, two companies—New Vision Printing and Publishing Company Ltd and Uganda Clays Ltd—have issued profit warnings, expecting a loss by the close of 2024.

Stock market watchers have not received this with a surprise. These companies are the usual suspects. They were among the five companies that issued profit warnings this January for their 2023 financial performance.

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