Britam Holdings PLC posted KSh2.3 billion loss before tax in its half-year earnings compared to a profit before tax of KSh2.4 billion recorded in a similar period last year, as the coronavirus pandemic manifests its impact on the businesses.
Britam Holding, a diversified financial services company, said the significant adverse impact of coronavirus affected its investments in listed equities and property.
The unaudited financial results translate to Ksh.1.6 billion loss from a Ksh.1.7 billion profit last year largely as a result of the underwriter’s exposure to the stock market and properties that saw it register a Ksh.3.2 billion as fair value losses on financial assets in the period.
The firm’s gross revenue grew to KSh13.8 billion, a 9 percent jump from KSh12.6 billion it reported in a similar period last year and attributed to improved international insurance business revenue.
“The Group’s fundamentals remain strong and we are on track in the execution of our Strategy and coupled with an improved operating environment the Group’s performance outlook is positive,” said the group’s Chief executive Benson Wairegi.
