Nairobi Business Ventures PLC (NBV) has reported a profit after tax of KSh 32.2 million for the year ended March 31, 2025, down 11% from KSh 36.3 million a year earlier.
- •The performance masked stark differences within the group: while the aviation and automotive subsidiaries grew revenues, the standalone trading arm collapsed, dragging down consolidated growth.
- •Group revenue dropped 37% to KSh 508.0 million in FY2025, from KSh 809.8 million in 2024.
- •Aviation revenue surged 79% to KSh 133.3 million, supported by increased aircraft maintenance activity, while automobile revenue inched up 1% to KSh 325.7 million, maintaining its position as the largest contributor.
By contrast, trading revenue plunged 88% to KSh 48.9 million, compared to KSh 412.7 million the previous year. Gross profit fell 24% to KSh 148.2 million, while administrative expenses jumped 64% to KSh 271.8 million, reflecting rising overheads across the group.
Other income increased sharply to KSh 155.0 million from KSh 16.1 million, providing a crucial cushion to the bottom line. Profit before tax stood at KSh 31.4 million, down 31% from 2024.
On the balance sheet, total assets rose 6% to KSh 3.35 billion, supported by a 48% increase in cash and equivalents to KSh 29.9 million. Equity improved 2.6% to KSh 1.90 billion, while borrowings reduced slightly to KSh 602.5 million.
NBV Group Financial Performance
| Metric | March 2025 | March 2024 | YoY % |
|---|---|---|---|
| Sales (Revenue) | 508.0 Mn | 809.8 Mn | 🔴 -37.3% |
| Aviation Division Revenue | 133.3 Mn | 74.6 Mn | 🟢 +78.6% |
| Trading Division Revenue | 48.9 Mn | 412.7 Mn | 🔴 -88.2% |
| Automobile Division Revenue | 325.7 Mn | 322.3 Mn | 🟢 +1.1% |
| Direct & Operating Costs | 359.8 Mn | 614.5 Mn | 🟢 -41.5% |
| Gross Profit | 148.2 Mn | 195.3 Mn | 🔴 -24.1% |
| Other Income | 155.0 Mn | 16.1 Mn | 🟢 +865.4% |
| Admin & Other Costs | 271.8 Mn | 165.8 Mn | 🔴 +63.9% |
| Profit Before Tax | 31.4 Mn | 45.5 Mn | 🔴 -31.0% |
| Profit After Tax | 32.2 Mn | 36.3 Mn | 🔴 -11.3% |
| Total Assets | 3.35 Bn | 3.16 Bn | 🟢 +6.0% |
| Cash & Equivalents | 29.9 Mn | 20.2 Mn | 🟢 +47.9% |
| Total Equity | 1.90 Bn | 1.86 Bn | 🟢 +2.6% |
| Borrowings | 602.5 Mn | 635.1 Mn | 🟢 -5.1% |
Trading Arm Weakness
The company’s original trading division, which deals in raw materials for cement and steel processors, suffered the steepest decline. Revenue shrank almost 90% in FY2025, leading to a standalone loss of KSh 4.4 million compared with a KSh 17.9 million profit a year earlier.
Rising payables and shrinking cash reserves highlighted the division’s liquidity strain.
Strategic Context
NBV’s current structure is the result of a dramatic transformation over the past five years. Founded in 2008 as a shoe retailer under the Kwanza and later K-Shoe brands, NBV listed on the NSE Growth Enterprise Market Segment in 2016. Retail struggles forced an exit by 2019, leaving the company a listed shell.
A 2020 lifeline investment by Dubai-based Delta International FZE recapitalized NBV and shifted its focus to trading, cement, automotive, and aviation. In 2021, NBV acquired Delta Auto, Air Direct, AMSL, and land earmarked for a cement plant in Machakos. These acquisitions gave NBV its current shape as a diversified holding company.
Since 2022, NBV has stabilized through auto and aviation revenues, while the cement project remains on hold pending financing. In 2023, NBV announced plans to assemble electric motorcycles under its auto unit, signed its first aviation maintenance contract with Sudan Airways, and expanded its trading portfolio into industrial chemicals.
