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Equity books Sh6.3bn forex gain from its foreign units
Equity Group Managing Director and CEO James Mwangi (center), Group Executive Director Mary Wamae (right) and Chief Operating Officer Samuel Kirubi during the release of 2023 half-year financial results at their headquarters in Nairobi on August 15, 2023. PHOTO | LUCY WANJIRU | NMG
Equity Group booked a gain of Sh6.3 billion in the half year ended June from the strengthening of currencies in its regional subsidiaries relative to the Kenya shilling, highlighting one of the benefits of the company’s geographic diversification.
The gain, recorded from a translation of financial statements of foreign subsidiaries, has been rising in recent quarters from a low of Sh637 million in the prior half-year period.
