De La Rue profit declines 58 per cent on reduced demand for banknotes

Kenya’s diaspora remittances have continued to grow with projections indicating a new record high for 2023. FILE PHOTO | POOL

British currency printer De La Rue’s Kenyan subsidiary recorded a 58 per cent drop in profit for the six months to September 2022, signalling a fall in the share of profits this year for the National Treasury which holds a 40 per cent stake in the unit.

The UK firm operates locally through its subsidiary De La Rue Kenya EPZ Limited, which for the half-year period reported a profit of £0.5 million (Sh74 million), down from £1.2 million (Sh177.5 million) in the corresponding period last year.

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Note: The results are not exact but very close to the actual.