Centum Annual Profit More Than Doubles on Investments

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Centum Investment Co. of Kenya said full-year profit more than doubled, driven by gains from existing investments, as it forecast a continued improvement in earnings.

Net income jumped to 7.94 billion shillings ($81.4 million) in the 12 months through March from 3.06 billion shillings a year earlier, Risper Mukoto, head of business services, told reporters Wednesday in the capital, Nairobi.

“Looking forward, we should be able to perform even better,” Chief Executive Officer James Mworia said at the briefing. “We have a very strong pipeline of opportunities which are not yet contributing to the bottom line.”

Centum is Kenya’s biggest investment company by market value. Its stock has surged 63 percent over the past 12 months, outperforming a 9.4 percent increase in the Nairobi Securities Exchange All Share Index over the same period. Centum shares climbed 0.8 percent to 63.50 shillings by 11 a.m. in Nairobi.

“Profit growth of 160 percent is by any standards very impressive,” Catherine Karita, general manager of Nairobi-based NIC Securities Ltd., said Wednesday. “Their strategy of having subsidiaries is working well for them.”