British American Investment Bounces Back With $20m Profit

VENTURES AFRICA – British American Investment Company (Kenya) Ltd, has bounced back with a profit of 1.8 billion shillings ($20 million) in the first half of this year after a loss of 109 million shillings ($1.3 million) due to devaluations of its holdings during company’s IPO to raise 5.85 billion shillings ($71 million) of new equity capital to finance its expansion, last year.

According to the company, its subsidiary, British American Insurance Kenya, the highest insurance company listed on the Nairobi Stock Exchange, contributed a 29 percent growth to its 3.3 billion shillings ($39 million) revenue.

The investment company has disclosed it would continue to invest in the real estate sector, increase the number of its branches nationwide and explore new geographical markets, to increase its revenues.

“We expect revenue growth in the second half of the year to continue to be strong,” the company stated.