The company's profits before tax fell by more than half in the last six months. The listed firm said its pre-tax profits dipped 55.4 per cent from Sh2.87 billion to Sh1.28 billion as at June 30, 2017.
Net profits dropped to Sh995.09 million, a 44.06 per cent fall from Sh1.78 billion recorded over a similar period last year.
The firm's group managing director Benson Wairegi attributed the drop to economic instability and political interference in a number of their regional markets.
To grow its revenue, the firm has announced plans to invest more of its attention on the serviced apartment projects that it broke ground on at a cost of Sh3.3 billion in May this year.
Wairegi said that within the next five to 10 years, the company "intends to execute their real estate plans that will help accommodate the increasing number of investors flocking the country especially after the stability which preceded the general elections".
Britam to increase focus on serviced apartments after profits fall
Insurance firm Britam Holdings is to ramp up activity in the serviced apartment sector.
“"It’s been really good. For a first event, the numbers are good, and we’ve had some very positive feedback from the owners that we’ve invited here. We’ve had some really good conversation with partners and potential owners. The atmosphere has been really good - I think the tours of Bangkok yesterday which allowed people to get to know each other on an informal basis was a great idea. I’m sure the event will grow from here."
Douglas Martell, chairman & CEO, Onyx Hospitality Group
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