GROWTH

NBV reports record profit as recent acquisitions begin to pay off

Firm's CEO Haresh Soni said the firm intends to intensify its efforts in the automobile,aviation and cement manufacturing sectors.

In Summary
  • The Group’s profit-after tax increased to Sh31.69 million from Sh74,000 reported same period last year.
  • It reported a turnover of Sh485.3 million up from Sh7.62 million posted same period last year.
L-R:NSE CEO Geoffrey Odundo NBV Chairman Haresh Soni, NSE Chairman Kiprono Kittony and ABC Group Managing Director Shamaz Savani at NBV's bell ringing ceremony. NBV listed an additional 415 million shares on the NSE/
L-R:NSE CEO Geoffrey Odundo NBV Chairman Haresh Soni, NSE Chairman Kiprono Kittony and ABC Group Managing Director Shamaz Savani at NBV's bell ringing ceremony. NBV listed an additional 415 million shares on the NSE/
Image: COURTESY

Listed company Nairobi Business Ventures (NBV) Plc has reported a half year turnover of Sh485.3 million up from Sh7.62 million posted same period last year.

The results for the first six months of the year ended September 30 were driven by strong performances from the automobile and aviation divisions.

This is the first time NBV is reporting consolidated results following the recent acquisitions of Delta Automobile, Aviation Management Solutions , Direct Air Connect and Delta Cement as part of the firm's diversification strategy.

Nairobi Business Venture's CEO Haresh Soni said the firm  intends to intensify its efforts in the automobile,aviation and cement manufacturing sectors.

“Our planned Mavoko-based cement factory will cost-effectively produce high quality cement by using the latest technology. Looking at the automobile sector, we plan to put up service stations every 200 kilometres between Mombasa and Rwanda,'' Soni said. 

Construction plans for the cement factory are at an advanced stage and on completion the plant will have a capacity of 1 million tonnes per annum.

He added that the aviation sector is promising due to the growing demand by carriers for affordable maintenance services which  the firm is  able to deliver.

The Group’s profit-after tax increased to Sh31.69 million from Sh74,000 reported same period last year.

Delta Automobile offers heavy commercial vehicle maintenance and sells spare parts for European and Japanese models.

Currently the company is the sole services provider for Shreeji Enterprises which operates a fleet of over 700 vehicles

Air DC operates a private hangar at the Jomo Kenyatta International Airport where it maintains Bombardier Dash 8 Classics, Dash 8 Q 400, CRJ 100,200, Boeing 737- 200/300 models.