The Treasury has pumped more than Sh3 billion in the last couple of years with the view to turning around the fortunes of the once vibrant miller, but the strategy has not worked.
The turnover for the year under review declined to Sh1.37 billion down from Sh2.09 billion.
The firm says it reduced its administrative expenses by 17 percent due to prudent cost management that saw overheads drop from Sh2.3 billion to Sh1.9 billion last year.
The board is looking for a strategic investor in its turnaround goals.
“The board is seeking to enlist the support of the lenders to identify a suitable and competent strategic partner to enhance the financial capabilities to enable full business recovery,” said the board chairman.
Its results delayed for 15 months, leaving investors in the dark as the last release of results was in November 2017.