Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Kenya

Centum dividend on course despite dip in profit

The company has indicated the possibility of a more than 25 per cent year-on-year decline in its net profit, owing to lower asset valuation which mirrored poor performance in the Kenyan real estate market in 2017/FILE

NAIROBI, Kenya, May 14 – Centum Investment’s anticipated dividend declaration is on course and will not be affected by the recent profit warning regarding its full-year results for the ended March 2018.

The company has indicated the possibility of a more than 25 per cent year-on-year decline in its net profit, owing to lower asset valuation which mirrored poor performance in the Kenyan real estate market in 2017.

In 2017, Centum recorded a net profit drop of 16 per cent to Sh8.3 billion from Sh9.9 billion in 2016.

The company’s Group Chief Executive James Mworia said the warning is despite the company’s investment properties which recorded a gain in value during the period, but it was lower than that recorded in the year before.

“Ours was consistent with the performance of the Kenyan real estate market where real estate generally and commercial property, in particular, appreciated in value at a lower rate in 2017 on account of the political environment and the reduced access to credit by the private sector,” Mworia says in a statement issued by the company.

He added that the growth outlook for a majority of the underlying companies in Centum’s portfolio is positive.

“We have developed a robust deal pipeline for the new financial year. On the back of this, the Board and Management are optimistic that the group will continue to perform well in the financial year ending March 31, 2019.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...