NAIROBI, April 15 Kenya's TransCentury Limited
posted a 30 percent drop in its pretax profit for 2013
to 856.6 million shillings ($9.9 million), it said on Tuesday.
The company, which runs an electricity equipments maker and
an engineering services firm active in the nascent petroleum and
mining sectors in Kenya, blamed a slowdown in Kenya due to a
presidential election in March, after the previous poll in 2007
was marred by violence.
The election passed off peacefully.
It said the outlook for this year's performance was positive
as the energy equipment business rolls out new products and
moves into new markets in Africa.
The engineering division is expected to contribute to
earnings growth due to business from firms in the power,
generation, oil and gas as well as mining sectors, TransCentury
TransCentury sold its 34 percent stake in Rift Valley
Railways to Egypt's Citadel Capital last month, giving
it access to about $40 million in cash that will fund the
It recommended the payment of a dividend per share of 0.40
shillings, unchanged from the previous year. Earnings per share
fell to 1.06 shillings from 1.66 shillings in 2012.
($1 = 86.8000 Kenyan Shillings)
(Reporting by Duncan Miriri; Editing by Mark Potter)