UGANDA, Kampala | Real Muloodi News | Centum Real Estate Limited earned Sh43.1 million in gross profit in the six months ending September 30, 2022, thanks to residential unit sales.
The investment firm’s sales profit increased to Sh178.65 million in the period from Sh135.5 million during the same period in the previous year, according to its latest unaudited interim financial figures.
“Other comprehensive income reflects currency translation differences of our Uganda and Mauritian subsidiaries whose functional and presentation currencies are the Uganda shilling and US dollar respectively,” the firm said in its latest financial results.
Centum is the largest developer of housing and office complexes in Kenya and East Africa, having interests in Kenya and Uganda.
Centum Development Kenya, Vipingo Development Limited, Pearl Marina Estates Limited (Uganda), and Development Management are among its investment holdings.
Among its projects are the Riverbank, Loft Residences, Vipingo Development, and Pearl Marina Estates.
“The group also has investment property in Uganda. During the period, the Kenya Shilling strengthened against the Uganda shilling leading to currency translation losses when translating our Uganda Shilling denominated investment property,” it added.
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