British American Investments Company (Kenya) Limited, Britam has reported a net profit of sh 2.7 billion in its half year results a 27 percent per cent growth against Sh 2.2 billion reported last year.
The positive performance has been attributed to growth of its asset management and insurance business.
Asset Management business returned revenue of Sh 413.8 million, against Sh. 267.2 million last year, a 54.4 per cent growth.
Insurance business remained the most profitable, recording revenue of Sh. 5.3 billion against Sh 4.3 billion recorded last year to grow by 23.2 per cent.
The Group also recorded a 29 per cent growth in revenues at Sh6 billion compared to Sh4.7 billion reported in 2013.
Regional offices contribution grew to 54.9 per cent to Sh 262.9 million, up from Sh117.9 million last year.
Kenyan business was the biggest contributor to the revenues, delivering Sh 5.3 billion, which represents a 96 per cent growth of total revenue.
South Sudan recorded a 183 per cent growth in the first half of 2014 at Sh 116 million compared to Sh 41 million in 2013, while Uganda delivered Sh. 25 million, up from Sh 77 million.
“We continue to see exponential growth of all our business units. The growth has been delivered by our deliberate move to diversify our investment portfolio, while expanding regionally. We are pleased with the results delivered by our subsidiaries of Uganda and South Sudan and we are optimistic that the second half of this year will equally deliver great results.”Group Managing Director Dr. Benson Wairegi said.
