{"id":107862,"date":"2023-11-29T19:57:01","date_gmt":"2023-11-29T19:57:01","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/centum-h1-profits-hit-sh1-4bn-on-improved-investment-income"},"modified":"2023-11-29T20:29:02","modified_gmt":"2023-11-29T20:29:02","slug":"centum-h1-profits-hit-sh1-4bn-on-improved-investment-income","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/centum-h1-profits-hit-sh1-4bn-on-improved-investment-income","title":{"rendered":"Centum H1 profits hit Sh1.4bn on improved investment income"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Centum Investment Company has posted a profitability in the half-year period to 30th September 2023 to hit Sh1.4 billion in net profit.<\/p>\n

This is a complete turnaround from the Sh4.9 billion loss posted for the full year ended March 2023, and 454 percent improvement compared to Sh244million net profit reported in the first half of 2022.<\/p>\n

Centum, Kenya’s largest listed investment firm, attributed the performance to a sharp growth in investment income which grew by 152 percent to Sh1.8 billion.<\/p>\n

Centum Group CEO James Mworia in a statement attributed the performance to The rise in annuity income and gains from investment operations.<\/p>\n

\u201cThis was attributed to an overall improvement in performance of the underlying portfolio leading to an increase in annuity income and gains realized on investment operations,\u201d said Centum Group CEO James Mworia.<\/p>\n

Total comprehensive income for the period stood at Sh6.2 billion compared to a loss of Sh1.2 billion in the corresponding half year period.<\/p>\n

The company generated Sh842 million in net cash flows from annuity income and proceeds from shareholder loan repayments, which was applied towards investment in portfolio companies, part repayment of debt and the ongoing share buyback program.<\/p>\n

Gearing was reduced to 4 percent in line with the Company\u2019s focus on deleveraging which saw the listed firm\u2019s debt close at Sh2.19 billion at as of 30th September 2023.<\/p>\n

The company has been in the market to raise funds to complete some of its projects.<\/p>\n

This saw the company make an early repayment of its Sh2.95 billion bonds on Friday, offering a mix of cash and houses to bondholders.<\/p>\n

In October 2023, Global Credit Ratings (GCR) affirmed Centum Investment Company Plc\u2019s national scale, long and short-term issuer ratings of A+(KE) and A1(KE) respectively.<\/p>\n

The strong credit rating considered the company\u2019s debt reduction strategy over the past 5 years and the strong investment track record.<\/p>\n

The commitment towards repaying the debt saw Centum Real Estate ink deal for a $20 million (Sh2.9 billion) loan facility from The World Bank to support construction of affordable housing units at Two Rivers.<\/p>\n

The funds to be disbursed through International Finance Cooperation will finance the prime 104-acre mixed use urban node located within Kenya\u2019s Diplomatic Blue Zone in northern Nairobi.<\/p>\n

The total estimated project cost is $91 million (Sh13.2 billion), of which IFC will be financing US$20 million via the Loan.<\/p>\n

In terms of the consolidated performance, which aggregates the financials of subsidiaries and the proportion of the performance of associates and joint venture entities, the group recorded a 67 percent improvement in performance compared to the first half of last year.<\/p>\n

The Real Estate, Two Rivers Development, and investment operations all recorded improved performance.<\/p>\n

\u201cDespite the persistent global and local macroeconomic headwinds, we believe that there will exist pockets of opportunities we can maximize through an active investment strategy to grow and preserve shareholder value,\u201d said Dr Mworia. \u201cWe will continue pursuing the current value preservation strategy and maximize on growth opportunities.\u201d<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Centum Investment Company has posted a profitability in the half-year period to 30th September 2023 to hit Sh1.4 billion in net profit. This is a complete turnaround from the Sh4.9 billion loss posted for the full year ended March 2023, and 454 percent improvement compared to Sh244million net profit reported in the […]<\/p>\n","protected":false},"author":84,"featured_media":107861,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-107862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nCentum H1 profits hit Sh1.4bn on improved investment income - kenya<\/title>\n<meta name=\"description\" content=\"Centum Investment Company has posted a profitability in the half-year period to 30th September 2023 to hit Sh1.4 billion ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/centum-h1-profits-hit-sh1-4bn-on-improved-investment-income\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Centum H1 profits hit Sh1.4bn on improved investment income\" \/>\n<meta property=\"og:description\" content=\"Centum Investment Company has posted a profitability in the half-year period to 30th September 2023 to hit Sh1.4 billion ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/centum-h1-profits-hit-sh1-4bn-on-improved-investment-income\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-29T19:57:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-29T20:29:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/11\/sm_1701276597.340075.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/centum-h1-profits-hit-sh1-4bn-on-improved-investment-income#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/centum-h1-profits-hit-sh1-4bn-on-improved-investment-income\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Centum H1 profits hit Sh1.4bn on improved investment income\",\"datePublished\":\"2023-11-29T19:57:01+00:00\",\"dateModified\":\"2023-11-29T20:29:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/centum-h1-profits-hit-sh1-4bn-on-improved-investment-income\"},\"wordCount\":511,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/centum-h1-profits-hit-sh1-4bn-on-improved-investment-income#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/11\/sm_1701276597.340075.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/centum-h1-profits-hit-sh1-4bn-on-improved-investment-income#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/centum-h1-profits-hit-sh1-4bn-on-improved-investment-income\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/centum-h1-profits-hit-sh1-4bn-on-improved-investment-income\",\"name\":\"Centum H1 profits hit Sh1.4bn on improved investment income - 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