Cytonn Asset Managers Limited has posted impressive results for the first half of 2024, reinforcing its position as a leading player in the Kenyan financial services sector.
The unaudited financial statements for the period ending June 30, 2024, reveal significant growth across the firm’s key funds, highlighting effective management strategies and a robust investment approach.
The fund manager’s revenue reached KES 10.5 million, a dramatic increase from KES 2.7 million recorded in the first half of 2023. This near quadrupling of revenue reflects the firm’s strategic expansion and the success of its investment strategies. Additionally, the investment income stood at KES 0.8 million in H1’2024, from Kshs 0.3 million recorded in the same period last year.
The firm’s prudent management of expenses also deserves mention. Despite the substantial increase in revenue, Cytonn Asset Managers Limited maintained tight control over its operating expenses, which totaled KES 9.7 million. This balance between revenue growth and expense management resulted in a profit after tax of KES 1.1 million for H1’2024, up from a loss of KES 2.8 million in the same period last year.
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One of the standout performers within Cytonn Asset Managers Limited’s portfolio is the Cytonn Money Market Fund (KES), which reported a substantial increase in net assets, growing to KES 0.8 billion as of H1’2024, from KES 0.4 billion during the same period last year.
This growth represents a 121% increase, demonstrating the fund’s strong performance. Additionally, the total assets managed by the firm grew to KES 1.3 billion June 30, 2024 from KES 0.7 billion during the same period in 2023.
Cytonn Asset Managers Limited has positioned itself as a formidable player in the asset management industry, with a clear strategy that continues to yield positive results.
The growth in both AUM and net assets, along with strong revenue figures, indicates investors and stakeholders can expect the firm to continue delivering strong, sustainable returns while navigating the challenges and opportunities of the dynamic financial markets.
