Business
Centum Set To Make A Sh2.1B Loss
Ksh.2.1 billion has been set aside by Centum Investment in anticipation of a loss from its funding of the distressed multi-billion shillings Amu Power Company coal plant.
The cash will act as a loss-provision for the investment. “The provision is made in view of uncertainties surrounding the timely closure of this matters,” the firm noted on Thursday
This comes just days after the African Development Bank (AfDB) and the European Investment Bank (EIB) withdrew their support sighting changed in investments industries.
Despite the multi-billion shillings project facing major problems like loosing its environmental impact assessment license in June, Centum Chief Executive Officer James Mworia remains hopeful of the realization of a profit from the investment in the hope for better days for the delayed project.
“The provision does not in any way alter the prospects of Amu Power. As responsible investors, we will do our best to pursue a return on investment,” he said
The 1050 megawatt Lamu coal plant has seen resistance from subsequent uprisings from civil society groups who view the plant as an environmental hazard.
Centum is now set to clear outstanding project debt at company level by the end of June 2020. The firm had posted a net profit growth of 226 pc to Ksh.6.8 billion for the first half of the 2020 financial year to September 30 with the notable spike in earnings being largely determined by increased investment income.
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