Olympia Capital Holdings recorded one of the Nairobi Securities Exchange’s (NSE) biggest single-day share price increases since 2008 on Wednesday, after news emerged that Kiharu MP Ndindi Nyoro had acquired a significant stake in the investment firm.
The company’s shares climbed to a high of KSh150 during the session, compared with the previous day’s volume-weighted average price (VWAP) of KSh7.22, before giving up most of the gains to close at a VWAP of KSh21.55, representing an increase of 198.48%.
The stock traded within a range of KSh7.94 to KSh150, with 205,563 shares exchanged in 513 transactions valued at KSh4.43 million.
Olympia’s market capitalisation rose by KSh573.20 million to KSh862 million following the rally.
The sharp increase came after reports indicated that Nyoro had accumulated 3,982,253 shares through Limpopo Capital Limited, making him the company’s third-largest shareholder.
According to Business Daily, the MP began buying the shares in 2025 and plans to raise his stake to 25%. He intends to reposition Olympia around an investment strategy similar to that of Berkshire Hathaway, which involves acquiring businesses and taking stakes in publicly listed companies.
Nyoro, however, noted that the limited liquidity of Olympia shares had made it difficult to build his stake. He indicated that he could consider selling his investment if he failed to acquire a sufficiently large holding.
The proposed shift in strategy remains Nyoro’s ambition and has not been confirmed as an approved corporate restructuring.
Data from the WSA Intelligence database shows that Olympia’s 198.48% gain ranks as the second-largest single-day price increase recorded on the NSE since 2008. The biggest was Nairobi Business Ventures’ 649.30% jump on December 1, 2020, following a Dubai investor takeover and the resumption of trading.
The rally also pushed Olympia’s year-to-date return to 162.17%, making it the exchange’s third-best-performing stock in 2026. Car & General leads with a 396.57% gain, followed by Africa Mega Agricorp at 342.55%.
Profit Declines Despite Higher Revenue
The surge in Olympia’s share price came as the company reported its financial results for the six months ended August 31, 2026, showing an 18.18% drop in net profit to KSh17.37 million from KSh21.23 million in the corresponding period.
Revenue increased by 4.51% to KSh278.79 million. However, the cost of sales climbed by 18.37% to KSh100.63 million, reducing the gross profit margin from 68.13% to 63.90%.
Operating expenses rose to KSh173.91 million, while finance costs increased to KSh9.90 million. Other income of KSh23.02 million helped cushion the impact of the higher costs, leaving operating profit at KSh27.27 million.
The company’s total assets grew by 14.98% to KSh1.82 billion, although shareholders’ equity fell by 12.59% to KSh1.08 billion.
Inside Olympia Capital’s Business
Olympia Capital Holdings, formerly known as Dunlop Kenya, operates across manufacturing, property and investment sectors in Kenya, Botswana and South Africa.
Its business portfolio includes Botswana-based Kalahari Floor Tiles, aluminium products and cleaning chemicals, as well as Dunlex Adhesives and industrial property investments in Kenya.
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Manufacturing accounted for 81.32% of the group’s revenue in the 2026 financial year, while its Botswana operations contributed 85.49%, highlighting the company’s significant exposure to Southern African markets.
Olympia’s audited results for the 2026 financial year showed that profit fell by 40.9% to KSh10.45 million. Management attributed its approach partly to postponing manufacturing expansion as it restructured subsidiaries and worked to address production costs.
Business Daily also reported that the company has not paid dividends for five years.
