January 21, 2010 / 7:30 AM / 9 years ago

Kenya's Olympia Capital expects full-year profit

A man works at a construction site in Pennyville outside Soweto March 10, 2009. REUTERS/Siphiwe Sibeko

NAIROBI (Reuters) - Kenyan building materials supplier Olympia Capital Holdings said on Thursday it expected to make 40 million shillings in pretax profit during the year ending February 2010.

The company, which has operations in Kenya, Botswana and South Africa, made a net loss of 61.4 million shillings in the previous year.

“I think we will achieve just short of 1 billion shillings in turnover ... and we should be able to comfortably achieve about 40 million shillings profit before tax that financial year,” chief executive Michael Matu told an investor briefing.

The company also said it expected to positive returns on its investments in South Africa, which previously were operating at a loss. It wants to tap into increased demand for construction materials ahead of the 2010 soccer World Cup.

Olympia Capital’s shares closed on Wednesday up 1.6 percent at 6.45 shillings, compared with a high of 20.50 shillings on August 11, 2008.

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