, NAIROBI, Kenya, Mar 20 – British American Investment Company (Britam) has posted a 19.1 percent growth in its 2014 pre-tax profit to Sh3.7 billion up from Sh3.1 billion recorded over the same period in 2013.
The growth is attributable to a 74 percent growth in comprehensive income to Sh6.4 billion up from Sh3.7 billion previously.
Asset management revenue grew by 13.5 percent to Sh696 million up from Sh613.5 million while revenue for the insurance business in the group hit Sh14.0 billion compared to Sh8.8 billion, a growth of 58.8 percent.
The company’s Managing Director Benson Wairegi says key drivers for Britam’s growth were hinged on new business opportunities in regional growth and expansion, strategic partnerships, new product offerings, real estate investment, and opportunities in the county governments.
Core business revenue increased by 55.8 percent to Sh14.7 billion up from Sh9.5 billion while investment income grew by 19.4 percent to Sh7.6 billion up from Sh6.3 billion in 2013.
The company’s asset base also grew by 55.6 percent to Sh73 billion from 46.9 billion while off balance sheet assets grew to Sh54.5 billion from Sh36.3 billion a 50.5 percent growth.
“Our growth and diversification strategy remains firmly on course. We have our eyes on Africa. Our focus for investment is in Information Technology, mergers and acquisitions, as well as regional expansion. Our goal is to support the continent’s economic take off through provision of a wide range of financial products and services,” Wairegi said.
Regional subsidiaries contribution to revenue grew by 436 percent to Sh1.6 billion from Sh294 million attributable to organic growth and business acquisition while
In the period under review, the company raised Sh6 billion in a corporate bond to fund its strategy.
The boards of directors recommend a payment dividend of 30 cents per share.