BOU notes low profits for companies

Mutebile 2

A new survey on private sector investment shows a declining trend in net profits and dividends of companies.

The 2013 Private Sector survey conducted by Bank of Uganda stretching from 2011 shows that net profits reported declined from 1.5 trillion to 1.3 trillion shillings.

Retained earnings decreased to 992 billion from 1.1 trillion shillings, while dividends paid and remitted declined to 227 billion shillings from 490 billion shillings.

Central Bank governor, Emmanuel Mutebile blames the performance on the volatile economy characterized by unstable shillings against the dollar and instability in external markets like South Sudan.