Kenya’s British-American Posts 29% Profit Increase on Asset GainEric Ombok
British-American Investments Co., a Kenyan financial-services company, said net income in the first half of this year advanced 29 percent after it realized gains on financial assets.
Net income surged to 2.16 billion shillings ($24.7 million) in the six months through June from 1.68 billion shillings a year earlier, the company said today in a statement e-mailed by the Nairobi Securities Exchange.
The company’s businesses include asset management, insurance, banking and private equity, and have benefited from the Kenyan stock market’s rally. Kenyan stocks are the second-best performers in Africa this year, trailing only Ghanaian equities.
Revenue grew 38 percent to 7.99 billion shillings, the company said, while gains from financial assets amounted to 333.8 million shillings compared with 2.06 million shillings a year earlier.
Shares in Britam, as the company is known, rose 1.3 percent in Nairobi trading. They have rallied 33 percent this year, outpacing the 25 percent gain by the FTSE-NSE 25-Share Index.