Sale of stake lifts Centum earnings

 

Centum Chief Executive Officer James Mworia.

Centum Group has reported a 27.49 per cent growth in after-tax profit to Sh2.07 billion for the half-year period ending September 30, 2018.

This is compared to the Sh1.63 billion reported last year.

In a statement, the firm said the profit increase was mainly driven by growth in realised gain after the sale of the stake in GenAfrica Asset Managers Ltd.

All of Centum’s four business units recorded robust performance during the period

The private equity business reported Sh1.5 billion operating profit - a 300 per cent increase over the Sh513 million recorded over a similar period last year.

“During the period, the group completed the disposal of GenAfrica Asset Managers Ltd, realising a gain of Sh1.2 billion,” said Centum Group Chief Executive James Mworia.

The firm’s turnover increased to Sh4.81 billion from Sh4.77 billion during the period under review, with operating expenses reducing nine per cent.

Financial costs reduced by six per cent. In the real estate business unit, the pre-sales revenue potential was Sh1.8 billion, with a corresponding profit potential of Sh460 million.

The group’s development includes the Two Rivers Development in Nairobi, Vipingo Development in Kilifi and Pearl Marina in Uganda.