Investors in UAP Holdings will not get any dividend this year after the group's profits almost halved last year.
The group which does investment management, insurance, pensions and property business attributed the profit drop to poor performance of the securities market and weak regional currencies.
Financial reports published on Wednesday indicate the group's profit after tax dropped by 46 per cent to Sh896.6 million last year from Sh1.67 billion in 2014.
"The 2015 investment performance was impacted by the challenging business environment within the East Africa region which was largely attributable to an increase in interest rates and significant strengthening of the dollar against local currencies," the firm said in a statement.
The company suffered a Sh530 million foreign exchange loss on its dollar-denominated loan for its Uganda property business
due to a weak Ugandan shilling.
Net claims payable reduced to Sh7.98 billion last year from Sh8.07 billion in 2014.
Despite the drop in profits, the group was upbeat about future prospects adding that key investments have been made to achieve growth.
