Kenyas Centum Investment H1 pretax profit jumps multi-fold

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NAIROBI (Reuters) -Kenya’s Centum Investment Company Plc said on Tuesday its pretax profit rose to 224 million shillings ($1.83 million) in the first half to end-September from 12.5 million shillings a year ago.

Group investment and other income fell to 713.4 million shillings from 987 million shillings, while operating and administrative costs dropped to 254.7 million shillings from 328.2 million shillings.

Centum, which invests in listed firms and private companies, said its net asset value per share, a key measure of performance for investment firms, fell to 59.77 shillings from 62.10 shillings.

Centum’s performance is keenly watched by investors as the company offers exposure to opportunities such as shopping mall developments and listed and unlisted companies across East Africa.

In June, Centum said it agreed to sell its 83.4% stake in Kenya’s Sidian Bank to Nigeria’s Access Bank for 4.3 billion shillings.

“We expect completion and receipt of funds within the second half of the current financial year,” it said on the stake sale.

($1 = 122.3500 Kenyan shillings)

(Reporting by George Obulutsa; Editing by Subhranshu Sahu)