Centum narrows half-year loss to $5.8 million

Tuesday November 30 2021
Centum chief executive James Mworia

Centum chief executive James Mworia. FILE PHOTO | NMG


Centum Investment Group said on Tuesday higher investment income helped the company narrow its half-year net loss by 66 percent to Ksh662.1 million ($5.8 million).

The Nairobi Securities Exchange-listed firm had posted a net loss of Ksh1.98 billion ($17.6 million) in the same period last year.

The review period saw Centum Group sales jump from Ksh136.2 million ($1.2 million) to Ksh1.23 billion ($10.9 million), while investment and other income jumped from Ksh329 million ($2.9 million) to Ksh771 million ($6.8 million).

Group CEO James Mworia said the company was witnessing recovery across various segments following the Covid-19 economic disruptions that had impacted the performance.

Its real estate and Two Rivers subsidiaries reduced losses but remained in the loss-making territory while its financial services and trading businesses recorded an increase in profitability.

"We have seen improved performance in the first half from the various business segments as they recover and the economy rebounds from the impact of the Covid-19 pandemic," he said.