Olympia Capital net profit doubles to Sh35m

Olympia Capital Holdings has recorded a net profit of Kshs 35.3 million for the year ending February 2023, which is a doubling of profits from Kshs 17.5 million in the previous financial year.

The doubling of the Nairobi Stock Exchange-listed investment firm’s net profit was mainly supported by a 15 per cent jump in revenue from Sh430.62m to Sh494.46m.

This was despite operating expenses rising from Sh196.25m to Sh200.61m and financing costs associated with borrowing which increased by 66 per cent from Sh2.8m to Sh4.65m during the review period.

The profit is up to Sh45m posted in 2014 or Sh53.26m in 2009, which was Olympia’s best performance in 12 years.

The company reduced its borrowing by Sh6.8 million to Sh37.6 million despite higher financing costs.

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

In 1970, the company was officially registered in Kenya and was listed on the NSE Stock Exchange in 1976. Olympia Capital now has interests in manufacturing, real estate, trading and services.

It has six companies 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 Mattoo served as CEO of the company for 17 years until 2012 when he was replaced by Kenneth Karithi. Then Mato returned in 2014 after his predecessor was fired.

is reading: Michael Mattoo: The CEO who never gives up leaves the scene

In early February, Olympia appointed Felix Kimanthi to the position of Group Managing Director and Chief Executive Officer, replacing Gladys Jomaa, who resigned in mid-2021. Mr. Kimanthi has been the company’s chief growth officer since October 2021.

is reading: Olympia Capital appoints Chief Growth Officer as CEO

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