Friday, March 29, 2024

Late Kirubi’s Centum posts Sh. 662 million loss in six months

Centum Q2 2021 Financials: Centum Investments has reported a net loss of Sh. 662.1 million for the second quarter of its current financial year.

This was reduction by 66 per cent from the net loss of Sh. 1.98 billion the firm reported in the same period the previous year. During the period under review, Centum’s sales jumped from Sh. 136.2 million to Sh. 1.23 billion, while investment and other income jumped from Sh. 329 million to Sh. 771 million.

The firm’s real estate docket and the Two Rivers subsidiary reduced losses but remained in the loss-making territory while its financial services and trading businesses recorded an increase in profitability. “We have seen improved performance in the first half from the various business segments as they recover and the economy rebounds,” said chief executive officer James Mworia.

The firm whose single largest shareholder is  the late Chris Kirubi had posted profit after tax loss of 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.

Late Kirubi’s Centum posts full year loss for the first time in 4 decades

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.

In its full year results, the company posted a net loss of Sh. 1.37 billion. This was the first full year loss in over 40 years. Centum founded in 1967 as Industrial and Commercial Development Corporation (ICDC) Investment. In 2008, it rebranded into Centum Investment.

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