Centum has delivered a calmer set of numbers for the half-year to September 2025. The group’s loss after tax eased by 6 percent, helped along by healthier subsidiary earnings, a larger deferred tax credit and a sharp drop in finance costs as the firm’s deleveraging programme keeps grinding forward.
Net Asset Value per share edged up to KSh 68.75 from KSh 66.93 in March thanks to a further trimming of liabilities. At company level, management reported a total return of KSh 472 million, marginally above last year’s KSh 444 million.
Operating expenses crept up by 5 percent, reflecting inflationary pressure, although the real relief came from finance costs, which tumbled 64 percent after borrowings slid from KSh 690 million in March to KSh 605 million in September. Other comprehensive income jumped to KSh 99 million from KSh 14 million, buoyed by improved performance in major subsidiaries.
Here is the full snapshot of key metrics:
| Metric | Sep 2025 | Sep 2024 | YoY % |
|---|---|---|---|
| Trading Sales | 750.6 Mn | 847.6 Mn | ▼ -11.44% |
| Trading Costs | 1.048 Bn | 1.154 Bn | ▼ -9.19% |
| Trading Loss | 296.96 Mn | 306.01 Mn | Improved |
| Financial Services Income | 279.35 Mn | 240.93 Mn | ▲ +15.95% |
| Financial Services Costs | 225.62 Mn | 200.16 Mn | ▲ +12.72% |
| Financial Services Profit | 53.74 Mn | 80.17 Mn | ▼ -32.96% |
| Real Estate Gross Profit | 53.73 Mn | 121.31 Mn | ▼ -55.72% |
| Investment Property Disposal Gain | 21.23 Mn | 48.56 Mn | ▼ -56.28% |
| Real Estate Loss | 88.34 Mn | 165.27 Mn | Improved |
| Two Rivers Development Loss | 90.68 Mn | 67.71 Mn | Worsened |
| Special Economic Zone Loss | 584.52 Mn | 288.04 Mn | Worsened |
| Profit from Investment Ops | 383.91 Mn | 561.72 Mn | ▼ -31.65% |
| Loss Before Tax | 622.86 Mn | 185.14 Mn | Worsened |
| Loss After Tax | 326.15 Mn | 346.64 Mn | Improved |
| Total Assets | 84.59 Bn | 82.35 Bn | ▲ +2.72% |
Consolidated performance gathered steam as Longhorn Publishers, Two Rivers Development and the TRIFIC SEZ remained central under IFRS 10. Deferred tax credits swelled after recognising deferred tax assets at Longhorn Publishers and Two Rivers Land Co, reversing the drag from last year’s capital gains tax adjustment.
Segment performance was rather varied. Losses at Two Rivers Development largely came from its power and water utility units, which still sit below break-even capacity. Management expects the tide to turn as occupancy improves across the wider precinct.
The real estate business continues to face timing quirks between IFRS revenue recognition and actual cash inflows. Units booked during the period stemmed from older, thinner-margin projects, while expenses from ongoing developments were charged immediately under IFRS rules. Land sales, despite delivering solid cash margins, produced small IFRS profits because revaluation-based costs outweighed the cash cost base.
Also Read: Kenya’s Gaming Sector Sees 21 Percent Tax Surge as Industry Marks Two Decades
The TRIFIC SEZ results reflect up-front financing and set-up costs for the first tower. Revenue came mainly from rental income. The tower is nearly across the finish line for transfer into a dollar-denominated income REIT, a move expected to clear the development loan, recoup set-up costs, scrap interest charges and release capital for tower two.
Net operating cash flow hit KSh 703 million, supported by annuity earnings and shareholder loan repayments. Total assets edged down to KSh 49.9 billion from March’s KSh 50.6 billion after loan redemptions, while total liabilities fell by a sturdy 20 percent. Borrowings have dropped even further to KSh 440 million after the reporting period.
The half-year also marked progress on strategic fronts, including the roll-out of the Vipingo Special Economic Zone with ARISE LLP and continued movement in land and unit sales in Vipingo. Full occupancy of the TRIFIC North Tower now positions the asset for injection into the region’s first dollar-denominated income REIT, setting the stage for the next development cycle.
