UAP records 31pc rise in profit to Sh1.8 billion

UAP Holdings’ after-tax profit for the year through December 2013 went up 31 per cent, riding on increased earnings from the companies’ subsidiaries in region.

Friday, the firm reported a net profit of Sh1.8 billion, up from Sh1.3 billion recorded the previous year.

Group managing director Dominic Kiarie (left) attributed the profitable growth to increased earnings from the firm’s subsidiaries in the region, and strong performance by its property segment.

“Despite a challenging business environment, the group has achieved strong growth in revenues and profitability,” he said.

Investment income
Total income rose by 35 per cent to Sh12.7 billion last year while investment income grew to Sh2.8 billion, compared with Sh2.2 billion in 2012.

Going forward, the financial services group with insurance, property development and asset management portfolios said it would focus on mergers and acquisitions as its growth strategy.

“We are growing organically and through acquisitions. We continue to look for exciting opportunities,” said Mr Kiarie while addressing the media.

The firm declined to name the businesses they are considering for acquiring, saying the process was ‘in critical stages’ and sensitive.