Financial services company CIC group has indicated a 96 percent drop in their profits for the half-year ended June 30.
The latest report by the firm stated a Ksh20.9 million recorded this year from Ksh537 million recorded last year same period.
According to the firm, the considerable decline has highly been contributed by the costly life insurance claims recorded in the period. While addressing the media, the firm stated that life insurance cover most likely does not recur.
In 2018, the company had recorded KSh4.7 billion, which grew by 8 percent to KSh5 billion in the half-year of 2019. The operating expenses have recorded a percent increase to KSh3.2 billion.
The company will most likely issue a profit warning if it fails to recover in the second half of 2019.
According to the Business Daily reports, the company seeks to boost its financial results by selling their 712 acres of land located in Kiambu and Kajiado.