Nairobi, Jan. 10 -- Nearly half of Nairobi Securities Exchange (NSE) listed firms did not pay dividends in the last financial year cycle revealing muted returns for investors in the bourse.

Market data shows 28 of 59 listed companies with ongoing operations did not pay dividends for their latest respective financial years, with some extending their payout drought to years.

The lack of cash distributions at firms like Kenya Airways, HF Group, Home Afrika and WPP Scan group have exposed investors to major losses as their share prices have declined significantly.

The stocks of a few of the companies such as Olympia Capital have registered price gains over the past 12 months.

In general, however, those not paying dividends have in the lon...