In H1’2019 Jubilee’s net profits dropped marginally by 1.6% to Kshs 1.8 billion, from Kshs 1.9 billion in H1’2018, attributable to a tough operating environment, which affected the top-line revenue, coupled with rising inefficiencies, consequently leading to declines in net income. Similarly in 2019, Sanlam Kenya PLC also undertook restructuring as part of a cost-cutting strategy aimed at trimming operating costs, as the company aimed to record a profitable performance following the depletion of earnings in 2018 to record a Kshs 2.0 billion loss. Over the last few years, companies have continued to face economic challenges that has seen them restructure their staffing, with others declaring redundancies, and others opting for outright closure. The table below shows some of the listed companies that have announced or undertook restructuring in the last one year. In our view, restructuring continues to be a major theme shaping various sectors’ business models into 2020, with companies adopting cost-saving measures to boost bottom-line performance, attributable to a tough business environment;

	Kenya Listed Companies Restructuring
Company	Staff Retrenchment	Date
Jubilee Holdings	52	Jan-20
East Africa Portland Cement	800*	Aug-19
Stanbic Bank of Kenya	88	Aug-19
East Africa Breweries Limited	100	Jul-19
Sanlam Kenya	19	Sept-19
Mumias Sugar**	All staff	Nov-19
*EAPC declared all its staff redundant and required them to reapply under new terms	**Mumias sugar was placed in receivership on 20th September 2019