Centum Investment Group has announced a staggering Sh1.98 billion half-year net loss, occationed by a go-slow in investment income. – By Gerald Gekara.
This was a massive drop compared to last year when the multi-billion investment group registered a Sh6 Billion profit.
Centum group sales dropped from Sh4.77 billion to Sh294.8 million, while returns from investments and other income declined from Sh12.4 billion to Sh433.4 million.
Group CEO James Mworia attributed the losses to the surging Covid-19 economic disruptions had impacted the performance, as well as dozens of other firms.
“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,” said Mr Mworia.
In its report, firm’s private equity business recorded a net loss of Sh1.2 billion in contrast with a net profit of Sh8.4 billion in the same period last year.
In the real estate sector, Centum is currently constructing 1,482 residential units in Nairobi, Kilifi counties as well as the neighbouring Uganda.
According to the firm, a total of 1,086 units with revenue potential of Sh9.2 billion have been sold.
“Centum Real Estate will continue to pursue a sales-led development process and monetisation of land bank,” he said.
