Access Kenya Profit Up 62 Percent

Mergers, Acquisitions and Financial Results

Technology firm Access Kenya has posted a 62 per cent rise in profit before tax for the first half-year of 2008.The company recorded Sh104 million in the period compared to Sh64 million it reported over the same period last year.

Revenue for the internet services provider also jumped up from Sh387 million in 2007 to Sh682 million, a 76 per cent rise in the same period under review. According to the group's Managing Director Jonathan Somen, the profits were driven by their core business in corporate services.

"The corporate internet business has powered through the months of political upheaval and delivered strong growth in customer numbers, Average Revenue Per User and net profit, at the same time delivering ever increasing levels of speed and value for money to our customers," said Somen.

Despite lower margins from the IT services in the first half of the year, the firm's gross profit in the sector rose to Sh343 million, from Sh256 million over the same period in the previous year.

The Nation