Britam Holdings says its net earnings for 2018 will be 25 per cent less than Ksh527.4 million it recorded in the previous year, due to poor stock performance and a challenging business environment.
The firm, whose bulk of earnings come from underwriting, issued the Profit Warning to its stakeholders pursuant to the provisions of Capital Market Authority’s regulation, on 2 January 2019.
Britam, through its Company Secretray Nancy Kariuki, says reduced returns from the firm’s equity investments at the bourse and an unforgiving operating environment are the reasons for the expected diminished earnings.
“The Board and the Management are optimistic of a better and more stable operating environment and believe that the business will perform better in 2019,” she added.
Also, the Board had undertaken a mid-term strategy review in 2018 focusing on improving customer experience and operational efficiencies.
