Centum Investment expects profit to go down by 25 percent

Centum Investment CEO James Mworia

NAIROBI, KENYA: Centum investment’s net earnings for the year ended March 2018 will be at least 25 percent lower than the earnings reported same period a year earlier, the company warns.

The company said the drop was due to exit transactions and valuation of investment properties.

“Although our investment properties recorded a gain in value, the gain was lower than that recorded in the year ended March 31, 2017,” said James Mworia, Group Chief Executive Officer.

“The fair value loss us consistent with the performance of Kenyan real estate market where the sector generally appreciated in value at a lower rate in 2017 on account of political environment and reduced access to credit by the private sector,” said Mworia.

Mworia however said the profit warning will not affect dividend declaration.