Kurwitu Ventures on Wednesday reported a net loss of KSh1.97 million for the year that ended on 31st December 2020, an improvement from a net loss of KSh7.25 million reported the previous year. The financial services company cut its operating expenses by 74% to KSh2.7 million at the end of December 2020, from KSh10.7 million at the end of December 2019.
Kurwitu Ventures offers Sharia-compliant investment products to individual investors and institutional investors in Kenya. The company joined the Nairobi Securities Exchange (NSE) in November 2014. It is one of the five companies listed on the NSE’s Growth Enterprise Markets Segment (GEMS).
Kurwitu’s total assets slightly fell to KSh552.5 million at the end of 2020 from KSh553.7 million the previous year. Its total debt increased to KSh501.1 million from KSh500.4 million in 2019.
According to the company’s statement of cash flow, in 2020, Kurwitu spent KSh2.6 million in operating activities, earned KSh600,000 from financing activities, and closed the year with KSh825,347 in cash.
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