Centum suffers losses.

By Alex Muriithi.

Centum group which operates six sub divisions that include,real estates,power,agribusinesses,financial services,FMCG  and education,has marked a profit drop by a 67% margin from sh 8.2 billion to sh. 2.7 billion, the group is in the C.E.O James Mworia  stated that the profit could have been 42 %, if earlier gain bookings were made.

Mr Mworia further stated that “Our growth equity business did well with 70 percent of businesses recording profits. Our beverages business did well, constituting 58 percent of that particular portfolio. We had challenges in the banking subsidiary due to the interest rates cap but we expect it to perform better this year.”

Mworia further added that its beverage business posted a 6 percent year on year increase in revenues growth, on the back of volume growth.The Group is in the process of inclining of GenAfrica Asset Managers in the current financial year,having in mind that it exited Platcorp Holdings in December 2017, resulting in a realized gain of Sh1.4 billion at the holding company level and Sh673 million at consolidation level.

The C.E.O was reluctant on the details, though revealed that the group intends to engage into the health sector, as part of its contribution to the Government’s Big Four Agenda of universal health care, affordable housing, boosting manufacturing and food security.

Last year the group marked total revenues that amounted to Sh13.7 percent, marking a 1 percent rise from last year’s Sh13.6 percent.