Kenya: Centum Investment Group posted a 24 per cent growth in pre-tax profit for the six months period ended September 30. The company's profit before tax rose to Sh1.28 billion from Sh1.03 billion in a similar period last year, driven by growth in investment income.
"With improving economic fundamentals and our active portfolio management, we are confident of better prospects for generating market-beating returns during the second half of the year," Managing Director James Mworia told an investor briefing in Nairobi yesterday.
"The focus of private equity business will be to maximise the value of the portfolio through execution of various value creation plans as well as completing the various investment opportunities that are currently within its pipeline.
Mr Mworia said the company would focus on the completion of infrastructure and development of the Two-Rivers Retail Mall in Ruaka as well as breaking ground for phase one of the Pearl Marina project.
Total comprehensive income grew 124 per cent to Sh3.29 billion from Sh1.46 billion with investment income increasing 58 per cent to 1.89 billion from Sh1.19 billion.
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The company however did not recommend payment of an interim dividend. This is as it seeks to maintain its zero-dividend policy in an attempt to fund its ambitious growth and expansion plan from internally-generated funds.
Among the company's key subsidiaries are Athena Properties, a real estate project management service company and Centum Asset Managers. In addition, the firm is also in the process of introducing an Africa-focused Collective Investment Scheme.
Centum's flagship real estate project dubbed 'Two Rivers Mall' is currently under construction with the possibility of opening doors to the public in October 2015.
The Mall's anchor tenant is set to be Carrefour, one of the largest retail groups in the world. The Group posted a 23 per cent growth in pre-tax profit for the year ended March 31 with its earnings soaring to Sh4.01 billion from the previous year's Sh3.24 billion, driven by improved performance of associate companies and better valuation of its investment basket.
