Britam Holdings has announced its half year financial results for 2016 registering a growth in profits of up to 175 percent. The firms has, therefore, recorded the profits before tax of 2.87 billion shillings.
According the statement, the income of the company increased by 38 percent to 2.4 billion shillings as compared to the year 2015 at the same time. The revenue from asset management grew from 439.4 million shillings to 525 million shillings being a growth of 21 percent.
The total revenue grew from 11.05 billion shillings to 12.7 billion shillings. The group said that its fund management fees as well as premiums grew from 10.6 billion shillings to 11.0 billion shillings. Total assets grew by 7 percent to 81.7 billion shillings. The liabilities on the other hand grew from 55.6 billion shillings to 62.8 billion shillings. According to the calculations, the earnings per share as per the current profits stands at 0.92 shillings as compared to 0.32 shillings at the same time last year.
Read: Nairobi Securities Exchange Records 54 Percent Drop in Profit After Tax in Half Year Results
Finance costs on the other hand skyrocketed to 902.6 million shillings as compared to 390 million shillings at the same time last year. The group registered an accumulated profit before tax of 2.87 billion shillings being an increase of 175 percent. Last year, at such a time, the group recorded profits before tax of 1.04 billion shillings. According to the financial statement, total expenses remained at 10 billion shillings as they were last year at the same time.