Mr Benson Wairegi, British American Investment Company (Britam) managing director at a media briefing. Photo/FILE
NATION
British-American Investments Company (Britam) has posted a 28.5 per cent rise in profits after tax to Sh2.15 billion for the half year ended June.
Revenues from insurance premiums grew to Sh4.4 billion from Sh3.4 billion, while its assets management business grew 67 per cent from Sh160 million in a similar period last year.
Investment income for the period was at Sh3.744 billion, a 44 per cent growth.
The company’s expenses rose by 25 per cent to Sh5.7 billion as the company sought to expand its market by opening new offices in the counties and in the region.
Britam notes that it continues to invest in an Information Technology and business transformation strategy which includes a new IT system and additional human resources to support the expansion.
“Despite the cost of implementing these initiatives, the operating expenses growth of 25 per cent over the first half of 2013 is slower than the 33 per cent growth in revenue in the same period and is aligned to the Group's objective of controlling expenses while investing for growth,” the company said in a statement to the Nairobi Securities Exchange.
Britam returned to profitability last year with an after tax profit of Sh2.5 billion for the fiscal year ended December 2012, a turnaround from the previous year's loss of Sh1.7 billion
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