Wednesday, March 22, 2023

How CITAM churches made Sh. 2.6 billion in revenue in 2022

Christ Is The Answer Ministry (CITAM) is a Christian church with several branches in Kenya.

Aside from holding such a huge Christianity presence across Kenya, CITAM church has a wide variety of investment portfolios.

The church has invested in the hospitality, media and education sectors. Like most companies listed on the Nairobi Securities Exchange (NSE), CITAM publishes audited financial reports in its own right as an investor.

In the 2021 financial year, which ended in 2022, all CITAM churches collectively made 2.53 billion in income. The most profitable CITAM church was CITAM Valley Road which made Sh. 335.3 million.

62.1% of the overall total income was received from tithe offerings, which were 1.57 billion. In 2020, CITAM generated 1.96 billion in revenues.

The church’s revenue was largely sourced from its portfolio of businesses and properties. In this article, we shall take a look at the properties and businesses that CITAM church Kenya owns.

1. CITAM Schools

CITAM church assumes ownership of at least ten primary schools. They are spread across Athi River, Rongai, Thika Road, Kisumu, Nakuru, Ngong’, Kiserian and Woodley.

The schools currently offer the CBC and 8-4-4 curriculums.

In addition, they provide co-curricular activities that enhance the pupils’ physical, emotional, and social development.

CITAM Schools made a staggering Sh. 684 million in revenue in 2021, a significant increase of 171% from Sh. 213 million in 2020.

The church credits this to higher student enrollment and implementation of the revised school calendar.

2. Hope Media

CITAM church owns Hope Media, the parent firm for Hope FM and Hope TV. Christian audiences love these stations. The stations broadcast in English and Swahili languages.

They provide a blend of Christian-themed content, talk shows, news, and current affairs.

The programming is specifically designed to educate and inspire viewers with content that is tailored for children, youth and adults.

In 2003, Hope FM was launched, followed by Hope TV in 2016. Prominent individuals graced the ceremony, such as former ICT Cabinet Secretary Joe Mucheru.

CITAM also operates a recording studio called Hope Studios, which provides top-notch music, audio, and video recording services under the same brand.

READ: Nairobi’s CITAM church makes Sh. 1.6 billion from tithe in 12 months

3. Pan Africa Church (PAC) University

The Pan Africa Christian University is another institution owned by CITAM. It is a private university based in Nairobi.

PAC has an enrollment of over 3000 students from over 25 different nationalities and offers 38 academic programs.

The university also boasts a faculty of over 100 members.

4. Rentals

CITAM churches are also posed as landlords in Kenya. They own several rental properties.

In 2021, CITAM made Sh. 6.2 million in rental income. This was a decrease from the Sh. 6.4 million they had earned from rentals in 2020.

5. Hotels and Resorts

CITAM has diversified its investments into the hospitality industry, specifically hotels and resorts.

The reopening of hotels and eateries in 2021 was cited as a key driver of its income growth.

One of the hotels under its operation is the Citam Kadolta resort located in Kitengela.

It offers a range of facilities, including accommodation, conference rooms, restaurants, a swimming pool, camping grounds and team-building amenities.

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