Centum banks on Real Estate, Sidian bank sale as losses narrow

Centum has released its financial results for the year ended March 2022 indicating narrower losses. The firm indicated that its counting on the sale of a significant stake in the Sidian Bank for Ksh4.3 billion (Ush 139.4 billion) to Access bank and a pipeline of 5,792 affordable housing units to turn its fortunes around.

The Kenyan firm that is cross listed on the Uganda Securities Exchange (USE) indicated that Group losses reduced to Ksh1.34 billion (Ush 43.4 billion) from Ksh1.37billion (Ush 44.34 billion) a year before.

Although Centum improved profitability in nearly all its divisions, the performance was dragged in the mud by a Ksh2 billion operating loss on its Two Rivers real estate. A significant portion of debt for the property has been replaced by zero coupon equity, the firm said.

Despite the loss, Centum’s board of directors has proposed a payout Ksh391 million in dividend with respect to the financial year ended March 31, 2022 up from Ksh220 million in the prior year with the money coming from annuity income.

Speaking to Business Daily, James Mworia Centum’s chief executive said that Two Rivers is on course to raising capital for the next phase of its development, which will comprise of residential housing units.

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