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Wednesday, February 21, 2007

Barclays, ICDCI rakes in Millions again

Barclays, ICDCI profits on the rise
By Tom Mogusu and Kimathi Njoka

Barclays Bank has returned Sh6.4 billion pre-tax profit for the just ended financial year.
Last year’s audited results showed a 19 per cent earning rise over the previous year.
At the same time, ICDC Investments (ICDCI) reported a 56 per cent growth in its pre-tax profits for half-year ending December 31.
In its un-audited results released on Thursday, ICDCI profits soared from Sh324 million to Sh505million, driven by a 79 per cent increase in contribution by associate companies.
Barclays said its profits before tax increased from Sh5.4b in 2005, driven by the new products and extended banking hours.
The bank’s profits after tax also increased by 22 per cent from Sh3.7 billion to Sh4.5 billion, reporting so far the highest profits for last financial year among companies.
Shareholders will get a final dividend of Sh1.20 per share which translates to Sh1.6 billion and thereby making total to Sh2.2 billion for the year. Sh2 billion will be retained for expansion.
The bank’s group managing director, Mr Adan Mohamed told an investor briefing the bank’s "innovative products continue to attract customers, making the bank the market leader."
But even with the improved performance, ICDCI will not pay any interim dividend.
The company’s investment portfolio stood at Sh7 billion end of last year compared to Sh5.2 billion in 2005.
During the period under review, the company acquired a 10 per cent stake in Rift Valley Railways, the company owning the concession rights to the Kenya-Uganda Railways.
ICDCI managing director, Mr Peter Mwangi expressed optimism the investment would yield returns in five years time.
"The investment in the railway concessionaire had all the right ingredients to give shareholders prime returns in future," Mwangi said.
Mwangi expressed optimism that the growth momentum by the company would continue.
Currently, the company has interests in beverage, property, industrial and financial and services sectors.
Its associate companies include Coco-Cola bottlers, KWAL, General Motors East Africa, Eveready East Africa, Mother+Platt, Aon Minet Insurance Brokers, UAP Provincial Insurance and Nairobi Airport Services.

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