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KCCA FC’s 2019/20 net loss reduces by Ush485m despite coronavirus pandemic
The club’s audited report indicates an improvement of their fiscal health and expects to instigate measures that will make it even better
Kampala Capital City Authority have posted an improved financial report for the year 2019/2020.
According to a financial statement obtained by Goal, KCCA's performance saw a smaller net loss compared to what the club posted previously. In the previous year, the Kasasiro Boys posted losses amounting to Ush527 million as compared to the current figure of Ush42 million, a difference of Ush485 million.
“It gives me more pleasure to report to you yet another year of great improvement in the financial performance of KCCA FC. Our financial performance improved for the year 2019/2020 compared to 2018/2019,” a statement signed by the chairman, Martin Ssekaja said.
“The club reported a net loss of Ush42 million for 2019/20 compared to Ush527 for 2018/19 and we are grateful to all the stakeholders who made it possible. Special mention goes to Fufa for offloading the cost of air travel for clubs that represented the country in the Caf competitions.
“In addition, we made a substantial improvement on our path to making the club self-sustaining as the revenue from football activities increased in 2019/2020 to 76% of total revenue compared to 67% for the financial year of 2019/2019.
“This was achieved by improving players’ sales revenue, merchandise, and better collection of stadium hire revenues.”
The 13-time Premier winners expect the effects of the coronavirus pandemic to have an impact on their financial health this season but have stated they are committed to improving the club’s sustainability.
“The football industry, just like any other sectors were greatly affected by Covid-19 and the impact of this pandemic is expected to continue into the new season,” the statement added.
“However, we are looking at various avenues through which the club can generate more revenue to keep KCCA the leading team in Cecafa.
“Great improvement has also been made in the current ratio of the club. Whereas the club is not yet where we want, the liquidity of the club in the financial year 2019/2020 shows a great improvement.
“We commit to operating a good financial model that keeps the standard of the club as a continental brand while we pursue self-sustainability.”
The improved financial report comes days after the local giants revealed Sarjan Construction Company had been handed the contract to improve their home stadium at Lugogo, a process that will run for at least two years.
