How Millennial-Favorite CITAM Made Ksh 2.4B Income, Ksh 598M Surplus in 2024

Christ is the Answer Ministries (CITAM) church has caused  ripples online after its financial results for the year ending December 31, 2024 showed a healthy balance sheet.

The church with 31 assemblies recently made a total of Ksh 2.4 billion with CITAM Valley Road which is the main church raising Ksh 404 million during that period; the highest of the collective assemblies.

CITAM in overall had an 11 per cent increment year on year improvement income comparable to 2023.

The Church which is popular with millenials also had its Nairobi satellite branches collecting a total of KSh 1.324 billion after overheads.

According to the report breakdown courtesy of church financials and Independent analyst Pesa Wall, the final figures indicate that Ksh 2,411,925.479 was listed as Assemblies Income for the 12  accounted months in 2024.

This figure included tithes, offerings, donations, rent, interests and ministries collection. The amount was up from Ksh 2,311,691.617 million raised in 2023.

At the same time, the report shows that in manning and running the assembly costs, CITAM used expenses amounting to Ksh 1,813,549.869 which was up from Ksh 1,564,227.690 million the previous year.

The expenses  included administrative costs, ministries costs and staff costs.

There was an additional Ksh 598,375,610 surplus before projects and capital expenditure.

This figure indicated showed that a total Ksh 74,422,684 was listed as Projects net deficit with special outreach activities net deficit accounting for Ksh 136,914,862.00.

The total actual expense under this category was Ksh 211,337,546 million.

The surplus cash before capital expenditure was Ksh 387,038,064 million against the actual capital expenditure of Ksh 271,702,086.

The surplus amount in hand for the year before tax was Ksh  115,335,978 million.

In the report, captured was a Total Asset base of Ksh 16,594,442 ,129 billion which was a dip from the previous year (Ksh 16,675,084.616).

Of the assets structure labeled as non-current assets and current assets, Ksh 15,097,427.253 under Non-current assets catered for; Property & Equipment (Ksh 7,608,908,269), Rights of Assets (Ksh 6,790,055,281) & Investment Property (Ksh 487,700,000) amongst others.

In the current assets breakdown; Inventories was Ksh 786,630,418 with Short term fixed deposits amounting to Ksh 351,616,570 with trade receivables, deposits & repayments amounting to Ksh 223,772,072.

In the same period, under Funds & Liabilities category, stood at Ksh 15,368,184.104 comparable to Ksh 15,373,879,387 in 2023.

Under this category, Capital Funds amounted to Ksh 14,344,446,805 as compared to Ksh 14,670,073,168 in 2023.

General Fund accounted for KSh 250,365,619 with Reserve Fund accounting for Ksh 96,437,219.

Under Designated Fund, Ksh 676,935,162 was indicated.

Meanwhile, in the non-current liabilities, borrowings accounted for Ksh 482,623,786 while Lease liabilities was Ksh 28,192,841 bringing the total to Ksh 510,816,627.

This was a decrease from the previous year 2023 whereby under the same  category, Ksh 566,601,214 was utilised.

In the year ended December 31, 2024, the current liabilities stood at Ksh 715,440,698 against Ksh 734,604,015 last year.

The total funds and liabilities accounted for Ksh 16,594,442,129 against Ksh 16,675,084,616 in 2023.

The church runs Hope FM, Hope TV,10 schools and Pan Africa Christian (PAC) University in what is a masterful diversification plan for the seven-decade long institution.