Equity Group invested an additional KSh383 million in its Democratic Republic of Congo (DRC) subsidiary last year, underlining its confidence in that market which has become its most profitable outside Kenya.
The latest transaction has raised its cumulative investment in DRC to KSh17.3 billion, second only to Kenya where it has invested KSh40.7 billion.
Business Daily reports that Equity BCDC had the biggest earnings growth in the first quarter ended March, posting a 269% jump in net profit to KSh1.4 billion as its margins improved.
The DRC unit’s return on average equity rose to 19% in the review period from 6.2% a year earlier.
The subsidiary contributed 12.1% of the group’s KSh11.5 billion net income in the period, which represented a 33.7% rise from KSh8.6 billion.