Centum Investments Financial Statements: Centum Investment Plc has slipped into loss-making territory. The firm whose single largest shareholder is Chris Kirubi has posted profit after tax loss Sh. 1.98 billion for the six months to September 2020. This was a radial about turn from the consolidated profit of Sh. 6.9 billion it recorded in the same period the previous year.
This decline was largely on account of a significant 97 percent drop in investment income to Sh. 433 million compared to the prior period’s investment income which stood at Sh. 12.4 billion following a gain in disposal of Centum’s investments in Coca Cola’s bottling business in Kenya. Centum Group sales drop from Sh. 4.77 billion to Sh. 294.8 million.
The firm’s private equity business booked a net loss of Sh. 1.2 billion in contrast with a net profit of Sh. 8.4 billion that had been made in preceding similar period.
“The six-month period to 30 September 2020 was an extremely challenging one against a backdrop of Covid-19 and the economic uncertainty and disruption to business that it occasioned,” chief executive officer James Mworia said.
He added that the firm would be accelerating its rel estte ventures. “Centum Real Estate will continue to pursue a sales-led development process and monetization of land bank,” he said in the Centum Investments financial statements.