Business / News
Monday, 27 Mar 2017 10:29 EATlmakena@kenyafreepress.com
Britam Holdings has returned into profitability, announcing a pre-tax profit of Sh4.2 billion in 2016 compared to a loss before tax of Sh1.2 billion in the previous year. The main contributor to other comprehensive income in both 2015 and 2016 are losses resulting from disposal or revaluation of strategic investments in equities, according to a statement from the firm.
The company's asset base increased by 8 percent to Sh83.6 billion, up from Sh77.6 billion in 2015. Total comprehensive income for the group grew to Sh784.7 million, compared to a loss of Sh3.2 billion in 2015. The main contributor to the difference between the reported profit before tax and the total comprehensive income in 2016 were losses resulting from disposal or revaluation of strategic investments in equities.
Speaking during the release of the group’s full year financial results for 2016, Britam Group Managing Director Dr Benson Wairegi said that the Group had unveiled a new strategy that will help propel the company to the next phase of growth.
He also said that, in light of the good performance, shareholders will earn Sh581.5 million in dividends after the board of directors recommended a final payment divided of 30 cents per share.