UAP Old Mutual half year net profit for the period ended 30th June 2018 has dropped 61% to stand at Ksh. 190 million. This is compared to the Ksh. 496 million the company registered in the same period in 2017.
Profit was primary affected by a Ksh. 335 million reorganization cost which saw some staff being retrenched. The company claims will lead to substantial savings in expenses in future. The company also blamed declined profits on challenging operating conditions in South Sudan and Tanzania.
Income increased slightly by 2% to Ksh. 9.8 billion from Ksh. 9.5 billion in the same period last year. Expenses on the other hand went down slightly to Ksh. 2.415 billion from Ksh. 2.426 billion in 2017.