Centum Investment Group linked to billionaire tycoon Chris Kirubi has reported a dip in its interest after tax, a financial report released yesterday indicates.
Profit after tax has dropped by 21 per cent, from Sh2.057 billion to Sh1.63 billion as at September 30, 2017.
According to the Star, group CEO James Mworia attributed the drop to effects of interest rate cap law on its banking subsidiary Sidian Bank as well as lower income from its asset management subsidiaries occasioned by depressed markets and investment apathy inspired by heated political environment in the country.
Centum Investment Company Plc recorded a 26 per cent decrease in investment income which stood at Sh1.1 billion compared to the same period last year where it posted Sh1.5 billion.
Reduced dividends from subsidiary companies led to the drop.
A marginal increase of 3.9 per cent to Sh91.91 million up from Sh88.38 billion in its total assets was however, recorded.
The group’s asset value per share stands at Sh69.7 as per the time under review.
This, Mworia said, shows the company has grown by 17 per cent in the last four years and is committed to value creation for its shareholders.
Though a drop in profits was reported, an increase of 9 per cent profits was reported on the group’s trading subsidiaries driven by Almasi Beverages.
Centum Investments Group is now eyeing monetization of real estate and development portfolios to grow its revenues.