(Last Updated On: August 10, 2014)
Kenyan advertising firm Scangroup posted a 151 percent rise in pretax profit for the first half of 2014. These are indeed very muscular results. Profit rose to sh253.85 million ($2.89m) while revenues were up by 25% mainly due to interest income.
These profits were mainly driven by a one off payment from Cavendish Square Holding, a subsidiary of British firm WPP. Cavendisj was acquiring a controlling stake in Scangroup by increasing its shareholding from 36.62 percent to 50.1 percent. They made a payment of sh1.82 billion. EPS rose from sh0.02 to sh0.42.