Centum reaping from heavy investments

June 10, 2014
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"In addition we secured Sh5.2 billion in 10-year long term debt funding from the Co-operative Bank of Kenya as project finance for the Two Rivers Mall. We are pleased to report that Two Rivers project is now substantially funded," Mworia said.
“In addition we secured Sh5.2 billion in 10-year long term debt funding from the Co-operative Bank of Kenya as project finance for the Two Rivers Mall. We are pleased to report that Two Rivers project is now substantially funded,” Mworia said.

, NAIROBI, Kenya, June 10 – Continued focus on diverse investments has born fruits for listed investment firm, Centum which has now recorded a 22 percent rise in profit to Sh3 billion for the full year ending March 2014 from Sh2.5 billion last year.

Speaking during the investor briefing on Tuesday, Centum Chief Executive Officer James Mworia said investment income rose to Sh4.9 billion from Sh3.9 billion last year helping the company to cross the Sh3 billion mark in profits.

Net asset value per share surged 42.1percent to Sh34.5 driven mainly by a strong performance in real estate.

One of the firm’s major real estate investment at the moment is the Two Rivers real estate project in Runda which attracted two equity investors of about Sh6 billion for a 40 percent stake contributing to a strong rise the total assets.

“In addition we secured Sh5.2 billion in 10-year long term debt funding from the Co-operative Bank of Kenya as project finance for the Two Rivers Mall. We are pleased to report that Two Rivers project is now substantially funded,” Mworia said.

Construction of the Phase 1 infrastructure at the Two Rivers development is on schedule for commissioning at the end of June 2015.

The Two Rivers Lifestyle Centre in Runda will be the largest retail mall in Sub Saharan Africa, excluding South Africa.

Centum is also developing the Pearl Marina estate, a project similar to Two Rivers, covering 300 acres on the Garuga Peninsula on the shores of Lake Victoria. On completion it will have serviced apartments, shopping malls, hotels, a medical centre and office parks sitting on 100 acres of land.

Mworia says in the next five years, Centum will focus on eight main industries including Real Estate, with six to seven new sites planned in the region over the next five years, targeting new international brands in the region.

Others will be in the Agriculture sector; Financial Services sector including asset management, banking and insurance; Health care; Education; Fast moving consumer goods and ICT

In line with dividend policy, the company did not recommend dividend and is unlikely to do so in the near future.

Centum has just been added to the NSE 20 share benchmark index.

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