NAIROBI, Kenya, Jun 28 – Diversified financial services firm Britam has announced its reinvestment of profits from the financial year ending December 31, 2023, to support its ambitious five-year business strategy.
During its 28th Annual General Meeting (AGM), the Nairobi Securities Exchange (NSE) listed company revealed plans to enter the Democratic Republic of Congo (DRC) market as part of its expansion strategy.
“Entry into DRC is one of the activities that the Board has taken quite seriously. We are looking at the market and have already identified some opportunities,” said its CEO Tom Gitogo.
Britam is currently in the fourth year of its 2021-2025 strategic plan which it says is on track, with profits nearly doubling in 2023 compared to the previous year.
Gitogo mentioned a possible future dividend payout for shareholders due to the encouraging financial results over the last three years.
“Our ambitious strategy for growth requires a certain level of funding, hence this decision to postpone dividend payouts,” he explained.
Likewise, the company says it is keen on sustaining its investments in Housing Finance Group (HF Group PLC), where it holds a 48.2% stake.
This comes on the back of the unveiling of its 2023 sustainability report where it highlighted its dedication to environmental stewardship, social responsibility, and ethical business practices.
