NAIROBI, Kenya, Nov 27 – Centum Investment Group has posted a 21 percent drop in their half-year profit to Sh1.6 billion for the half year 2017 compared to Sh2.1 billion.
Then drop is attributable to the depressed performance of Sidian Bank in the period.
Centum Chief Executive Officer and Managing Director Dr. James Mworia said trading subsidiaries did better than last year but the performance of financial services reflected the sector over the period.
Longhorn, however, recorded a 41 percent increase in profit compared to same period last year.
Almasi Beverages sales also went up by 8 percent on the back of strong volume growth.
“The turbulence in the financial sector is temporary and that the operational and strategic changes made at Sidian Bank will bear fruit in the mid-term,” Mworia hoped.
The group’s turn over grew by 1 percent from Sh8.5 billion in 2016 to Sh8.8 billion in 2017.