Kenya: Old Mutual Announces Sh327mn Net Profit in H1

Nairobi — Old Mutual Holdings has announced a Sh327 million profit after tax in the six months ending June 30, 2024, an improvement from a Sh195 million loss during a similar period last year.

The firm attributes profitability to a reduction in finance costs, which fell from Sh1.8 billion to Sh529 million.

“This reduction followed the conversion of shareholder borrowing to equity in 2023 which is awaiting all the necessary regulatory approvals,” Old Mutual said in a statement.

“Additionally, the…