UAP Old Mutual records Sh552Million in pretax profit

UAP Old Mutual Group has recorded a profit before tax of Sh552Million in the half year period 2021 compared to a loss of Sh 57Million for the same period last year.

The performance was an improvement on 2020 driven by strong topline growth and investment income performance on the back of the NSE recovery in Half Year (HY) 2021.

Excluding the impact of the Old Mutual Life Assurance Company (OMLAC) consolidation the Group recorded a profit before tax of KES 518m.

“The performance of the UAPHL PLC business in H1 2021 was delivered on the backdrop of the initial stages of the expected economic recovery as the different countries we operate in work towards a return to normalcy while managing the risks of subsequent waves of the Covid-19 pandemic,” said the group’s Chief executive Arthur Oginga.