NAIROBI, Kenya, Mar 9 – Cytonn Investments has posted an 82 percent decline in net profit to Sh116.1 million compared to Sh630 million profit they made in 2015.
“The decline in profits was due to a one-off item and changes in non-cash fair value gains. Adjusting for the one-off items and fair value gains the group made a profit of Sh322.5 million representing a 52.5 percent decline,” the firm said in a statement.
Revenue went up by 186 percent to Sh531 million while total assets hit Sh11 billion representing a 77 percent increase.
Investments in real estate increased by 80.1 percent to Sh10 billion from Sh5 billion in 2015.
The firm bought 25 percent stake in real estate developer Superior Homes to a tune of Sh1 billion, with the option of a further purchase over the near term.
The independent investment management firm has offices in Nairobi and DC Metro – USA with a focus on offering alternative investment solutions to individual high net worth investors.