Olympia Capital net profit doubles to Sh35m

Felix Kimanthi has been appointed Olympia Capital Group managing director and CEO effective January 1, 2023. PHOTO | COURTESY

Olympia Capital Holdings has posted a Sh35.3 million net profit for the year ended February 2023, marking a doubling of earnings from Sh17.5 million posted in the previous financial year.

The doubling of the net profit for the Nairobi Securities Exchange-listed investment firm was mainly supported by a 15 percent jump in revenue from Sh430.62 million to Sh494.46 million.

This was despite operating expenses rising from Sh196.25 million to Sh200.61 million and finance costs linked to borrowing increasing by 66 percent from Sh2.8 million to Sh4.65 million during the review period.

The profit is playing catch up to the Sh45 million posted in 2014 or Sh53.26 million in 2009, which was Olympia’s best performance in 12 years.

The firm cut its borrowing by Sh6.8 million to Sh37.6 million despite the rise in finance costs.

Olympia, formerly Dunlop Kenya Limited, was initially established as a branch office of Dunlop UK in Kenya in 1968.

In 1970, the company was formally registered in Kenya and got listed at the NSE in 1976. Olympia Capital now has interests in manufacturing, real estate, trading and services.

It has six firms operating in Kenya, Botswana and South Africa. Its subsidiaries include Avon Rubber Company, Olympia Capital Corporation, Mather and Platt Limited and Olympia Capital Corporation Limited.

Michael Matu was the firm’s CEO for 17 years until 2012 when he was replaced by Kenneth Kareithi. Mr Matu then made a comeback in 2014 after his predecessor was forced out.

Read: Michael Matu: The CEO who never gave up leaves the scene

Olympia early February appointed Felix Kimanthi as the group managing director and CEO, replacing Gladys Juma, who resigned in mid-2021. Mr Kimanthi had been the chief growth officer of the firm since October 2021.

Read: Olympia Capital names chief growth officer as CEO

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