Britam Holdings has announced a Sh1.2 billion pre-tax loss for the financial year that ended on December 31, 2015.
The group said on Monday the downturn in the performance of the Nairobi Securities Exchange negatively impacted the fair value of its earnings.
Managing Director Benson Wairegi said the business achieved tremendous growth despite the loss caused by the fair value write downs on its investments in the Nairobi Securities Exchange.
“The fundamentals of the business remain strong, we are on course in the implementation of our growth and diversification strategy which focuses on increased local and regional presence, innovative products, IT- enabled business transformation and property development,” said Dr Wairegi.
Dr Wairegi said that during the year, Britam acquired an additional 2.6 per cent stake in Housing Finance Group, raising its total shareholding to 48.63 per cent in the housing and mortgage lender.
He said the group had also made tremendous progress in the implementation of its IT transformation Project, dubbed “Project Jawabu” whose ERP went live in October last year.
The project is designed to transform the way Britam does business with the aim of maximizing shareholder’s value, managing the cost of doing business, and maximizing customer experience.
The Group has also consolidated its property business under a separate business unit known as Britam Properties (Kenya) Limited, now actively pursuing property development and management as core business.
He said that in the course of the year, the group will be unveiling major property projects in Nairobi and its surroundings.
Some of the pipeline projects that Britam Properties is working on include a mixed use property development in Kileleshwa, serviced apartments in Kilimani and Hurlingham, Mlolongo residential development and Ngong Township mixed use development all estimated to cost Sh23 billion.
The Group also plans to unveil the 31 storey iconic Britam Tower in the last half of 2016, built at a cost of Sh4 billion.
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