By Jackson Okoth
Retailer Uchumi Supermarkets has recorded a pre-tax profit of Sh514 million as at June 30.
This is compared to Sh433 million posted over a corresponding six-month period last year.
The supermarket’s net sales figures rose from Sh9.6 billion in June last year to Sh10.8 billion in the first six months of this year.
Its gross profit rose from Sh1.4 billion to Sh1.8 billion during the period under review.
The company is scheduled to hold its 31st Annual General Meeting (AGM) on November 25 at the Kenyatta International Conference Centre.
Meanwhile, commercial banks continue to announce positive third quarter financial results even as tightening of the credit market threatens profits and could slow down the industry’s performance.
In its unaudited financial statement released Thursday, Bank of Africa Kenya Group posted a pre-tax profit of Sh599.9 million as at September 30.
This is compared to a pre-tax profit of Sh 585.4 million made over a similar nine-month period last year.
Operating expenses
Bank of Africa’s total operating expenses rose from Sh1.2 billion to Sh1.8 billion during the period under consideration.
Total interest income increased from Sh1.9 billion to Sh2.9 billion, driven largely by increases in income from loans and advances.
Victoria Commercial Bank recorded a slowdown in pre-tax profit from pre-tax profit of Sh257 million to Sh211 million over the first nine months of this year. Its total operating expenses increased from Sh141 million to Sh187.8 million over the same period.
Also releasing its third quarter results is Diamond Trust Bank, which posted a 13 per cent increase its nine-month pre-tax profit to Sh3.11 billion.
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The bank’s net interest income stood at Sh4.7 billion compared with Sh3.5 billion in the same period last year, while earnings per share fell to Sh9.97 down from Sh10.83.
Total assets rose to Sh107.2 billion compared with Sh80.2 billion and customer deposits rose to Sh85.9 billion against Sh62.5 billion last year.
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