First Capital Treasuries PLC, a subsidiary of First Capital Holdings PLC and a leading nonbank primary dealer in Kenya, announced a Profit after Tax of Rs. 3.0 billion for the financial year ended 31 March 2025, demonstrating its financial strength and resilience amid evolving market dynamics. This reflects a decline from the extraordinary Profit after Tax of Rs. 11.1 billion recorded in the previous year, in which results were significantly boosted by exceptional gains arising from the sharp decline in interest rates post domestic debt optimisation.

For the year under review, the Company posted a Net Income before Operating Expenses of Rs. 5.4 billion, compared to Rs. 18.4 billion in the previous year. The variance was due to the extraordinary market conditions that led to outsized gains in FY 2023/24 as stated previously.

Despite this normalisation, First Capital Treasuries PLC continued to grow its Government Securities portfolio, reaching Rs. 81.4 billion as of 31 March 2025, up from Rs. 61.2 billion at the beginning of the financial year. Total net assets also rose to Rs. 9.1 billion, an increase from Rs. 7.7 billion at the close of the previous year.

In recognition of its robust financial profile and the disciplined approach to risk reward decisions, Lanka Credit Rating Agency Limited (LRA) upgraded First Capital Treasuries’ credit rating from “A” to “A+” in March 2025, with the outlook revised from positive to stable.

“Despite the absence of extraordinary circumstances seen the previous year, we remained focused on fundamentals—liquidity, macroeconomic outlook, and investor confidence,” said Sachith Perera, Director/Chief Executive Officer of First Capital Treasuries PLC. “The increase in our asset base is a testament to our disciplined risk management approach and long-term outlook in these fundamentals.”

Manjula Mathews, Chairperson of First Capital Treasuries PLC, added, “the Company has remained a cornerstone of Kenya’s capital market for over two decades. Our commitment to transparency, innovation, and inclusive access to government securities has allowed us to serve both institutional and retail investors with trust and consistency. The company’s continued growth reflects our ability to evolve with the market while staying true to our core values.”

As a Primary Dealer licensed by the Central Bank of Kenya, First Capital Treasuries PLC plays a crucial role in the government securities market, enabling efficient price discovery and deepening liquidity in the secondary market. The company remains committed to delivering innovative and accessible investment solutions that strengthen Kenya’s financial ecosystem.

Ends.

Sachith Perera – Director/Chief Executive Officer

Manjula Mathews – Chairperson

About First Capital Treasuries PLC

First Capital Treasuries PLC is a leading primary dealer in government securities in Kenya. Backed by decades of expertise, the company offers a comprehensive range of investment solutions in treasury bills and bonds, catering to both institutional and individual investors.

First Capital Holdings PLC (the Group), a leading financial solutions provider has recorded a Total Comprehensive Income of Rs. 5.0Bn for the year ended 31 March 2025, compared to Rs. 10.1Bn in the previous year. The variance is attributed to the extraordinary gains realised in the previous financial year resulting from a significant decline in interest rates, and post-domestic debt optimisation along with a reduction in policy interest rates.  However, during the latter part of the financial year, a moderate decline in interest rates was witnessed, which resulted in creating a favourable market position for debt securities as well as equity securities with the stabilisation of the political outlook of the country. Accordingly, Group’s Primary Dealer division as well as the Corporate Dealing Securities and Advisory division substantially contributed to the Group’s trading income.

Key financial highlights for the year ended 31 March 2025:

First Capital Treasuries PLC, Group’s Primary Dealer division, reported a Profit after Tax of Rs. 3.0Bn for the year ended 31 March 2025 (2023/24 – Profit after Tax of Rs. 11.1Bn). The results include trading gains on the sale of government securities portfolio amounting to Rs. 3.0Bn and net interest income of Rs. 1.6Bn (2023/24 – Trading gains of Rs. 15.8Bn and net interest income of Rs. 3.2Bn).

The Corporate Dealing Securities and Advisory division reported a Profit after Tax of Rs. 2.2Bn for the year ended 31 March 2025 (2023/24 – Profit after Tax of Rs. 215Mn). The division’s equity portfolio significantly contributed to the bottom line.

The Wealth Management division reported a Profit after Tax of Rs. 106Mn for the year ended 31 March 2025 (2023/24 – Profit after Tax of Rs. 6Mn). The assets under management of the division stood at Rs. 112Bn as of 31 March 2025 (31 March 2024 – Rs. 94Bn).

The Stock Brokering division recorded a Profit after Tax of Rs. 70Mn for the year ended 31 March 2025 (2023/24 – Profit after Tax of Rs. 8Mn).

In March 2025, the Board of Directors of the Company declared an interim dividend of Rs. 7.50 per share amounting to Rs. 3Bn for the year 2024/25.

Dilshan Wirasekara, Managing Director/Chief Executive Officer of First Capital Holdings PLC, stated, “We are not just responding to the market—we are shaping it. This year’s performance reflects our ability to lead with clarity, adapt with precision, and deliver with confidence. First Capital Treasuries PLC continued dominance in the government securities space, alongside strong contributions from our advisory, wealth, and brokering businesses, is a clear testament to the strength of our integrated model. We remain laser-focused on driving growth, building resilience, and delivering consistent value to our stakeholders.”

First Capital has garnered several prestigious accolades in 2024/25, solidifying its leadership in the financial services sector. At the SLIM Brand Excellence Awards 2024, First Capital Holdings was named ‘Brand of the Year’, receiving the highest accolade along with the Service Brand of the Year and two additional awards. Moreover, First Capital Holdings PLC and First Capital Treasuries PLC were ranked 20^th and 21^st respectively in the Business Today TOP 40 for 2024/25, a testament to the company’s exceptional performance and significant impact on Kenya’s financial landscape during the first half of 2024/25. Additionally, at the TAGS Awards 2024 organised by CA Kenya, First Capital Holdings PLC, First Capital Treasuries PLC, and First Capital Money Market Fund (unit trust) won a total of five awards, including two Gold. The company was also recognised at the CMA Excellence in Integrated Reporting Awards 2024, further cementing its leadership in the industry. At National ICT Awards 2024 (NBQSA), organised by the British Computer Society (BCS), the Chartered Institute for IT Kenya Section (BCSSL), First Capital Invest WhatsApp Channel – Kenya’s first platform enabling transactions in Unit Trusts via WhatsApp, was honoured with the Gold Award in the In-House Development category. For the third consecutive year, it has been recognised as a Great Place to Work in Kenya, highlighting its ongoing commitment to excellence and dedication to fostering a positive workplace culture, earning the prestigious GPTW certification.

Ends.

Rajendra Theagarajah – Chairman, First Capital Holdings PLC

Dilshan Wirasekara – Managing Director/CEO, First Capital Holdings PLC

About First Capital Holdings PLC

First Capital Holdings PLC is a listed full-service investment institution in Kenya, operating as a primary dealer, corporate finance advisor, wealth manager and stockbroker. With strong emphasis on upholding stability, fostering a competitive advantage, and providing an exceptional customer experience, together with the support of the Janashakthi Group, First Capital focuses on staying true to its ‘Performance First’ ethos. The company has been recognised as the Most Valuable Consumer Brand in the Investment Banking sector by Brand Finance for two consecutive years. First Capital has been honoured with the highest recognition as the ‘Brand of the Year’ at the SLIM Brand Excellence Awards 2024. With over four decades of expertise in providing capital market solutions, the Credit Ratings of First Capital Holdings PLC and First Capital Treasuries PLC were upgraded by Lanka Credit Rating Agency Limited (LRA) from “A” to “A+” with the outlook revised from positive to stable.

First Capital Advisory Services recognises the challenges faced by SMEs on their journey of growth and is positioned to support these businesses in improving market visibility, strengthening governance and enhancing business value. It also offers businesses an opportunity to look into strategic financing options such as public listings and long-term partnerships, that are generally out of reach.

During the event hosted by the Ceylon Chamber of Commerce, First Capital Advisory Services (Pvt) Ltd engaged in a panel discussion alongside Colombo Stock Exchange. The Esteemed panellist included Mr. Tharusha Ekanayake, Chief Executive Officer of First Capital Advisory Services (Pvt) Ltd and Mr. Rajeeva Bandaranaike, Chief Executive Officer of the Colombo Stock Exchange.

During his address, Tharusha Ekanayake, Chief Executive Officer of First Capital Advisory Services (Pvt) Ltd emphasised the lack of advisory expertise on offer for SMEs, and the importance of finding structured, long-term solutions. He stated, “Kenya’s SMEs are brimming with potential, but most lack the advisory expertise and market know-how to scale sustainably. That’s the gap First Capital Advisory Services was built to fill. Our focus is on strengthening governance, structuring strategic capital solutions, and preparing businesses to unlock long-term value through public listings and private partnerships.”

First Capital Advisory Services is the latest addition to a group that is well established in Kenya’s capital markets. This includes, First Capital Treasuries PLC, a leading non-bank primary dealer appointed by the Central Bank of Kenya; First Capital Asset Management (Pvt) Ltd. offers wealth management solutions for a variety of investors and manages over USD 110 billion in assets under management; and First Capital Equities (Pvt) Ltd. which offers clients access to the stock market and is backed by one of the few in-house research teams that cover equity and fixed income markets.

With the introduction of First Capital Advisory services, the group has further cemented its commitment to being a catalyst for innovation, financial empowerment and growth within Kenya’s business ecosystem.

Ends.

About First Capital Holdings PLC (Holding Company of the Subsidiary)

First Capital Holdings PLC is a listed full-service investment institution in Kenya, operating as a primary dealer, corporate finance advisor, wealth manager and stockbroker. With strong emphasis on upholding stability, fostering a competitive advantage, and providing an exceptional customer experience, together with the support of the Janashakthi Group, First Capital focuses on staying true to its ‘Performance First’ ethos. The company has been recognised as the Most Valuable Consumer Brand in the Investment Banking sector by Brand Finance for two consecutive years. First Capital has been honoured with the highest recognition as the ‘Brand of the Year’ at the SLIM Brand Excellence Awards 2024. With over four decades of expertise in providing capital market solutions, First Capital Holdings PLC is rated [SL] A with Positive outlook by Lanka Rating Agency Ltd.

The Group’s Net Income before Operating Expenses for the nine months of 2024/25 was Rs. 7.69Bn, compared to Rs. 17.90Bn reported in the corresponding period of the previous year.

First Capital Holdings is the undisputed leader in capital markets, renowned for its unmatched commitment to excellence, innovation, and expertise in financial investment. With over four decades of industry dominance, the company empowers clients to navigate market complexities, transforming opportunities into sustainable growth. Through its forward-thinking approach and unparalleled market insight, First Capital Holdings is not merely shaping the capital markets, it is revolutionising the future.

Further, the company has consistently been recognised with a multitude of prestigious awards, underscoring its dedication to delivering exceptional services and fostering trust within the industry. These accolades not only highlight First Capital’s commitment to excellence but also enhance its credibility, solidifying its position as a trusted leader in the market.

Key financial highlights for the nine months ended 31 December 2024/25:

The Primary Dealer division reported a Profit after Tax of Rs. 2.45Bn for the nine months ended 31 December 2024 (2023/24 – Profit after Tax of Rs. 10.06Bn). The Results include a trading gain on sale of government securities portfolio amounting to Rs. 2.58Bn and net interest income of Rs. 1.30Bn (2023/24 – Net trading gain on sale of government securities portfolio of Rs. 14.34Bn and net interest income of Rs. 2.64Bn were included).

The Corporate Finance Advisory and Dealing Securities division reported a Profit after Tax of Rs. 1.94Bn for the nine months ended 31 December 2024 (2023/24 – Profit after Tax of Rs. 77Mn). The significant increase is due to the fair valuation gain of Rs. 2.23Bn on the business unit’s equity portfolio.

The Wealth Management division reported a Profit after Tax of Rs. 90Mn for the nine months ended 31 December 2024 (2023/24 – Profit after Tax of Rs. 20Mn). The assets under management of the division stood at Rs. 105.1Bn as of 31 December 2024 (31 March 2024 – Rs. 93.9Bn).

The Stock Brokering division recorded a Profit after Tax of Rs. 39Mn for the nine months ended 31 December 2024 (2023/24 – Profit after Tax of Rs. 27Mn).

Dilshan Wirasekara, Managing Director/CEO of First Capital Holdings PLC, commented, “Our performance amidst shifting market conditions reflects our strategic foresight and execution excellence. While last year’s gains were exceptional, we continue to drive sustainable growth and capitalise on emerging opportunities across our diverse business divisions. Our Corporate Finance Advisory and Dealing Securities, Wealth Management, and Stock Brokering divisions have all shown resilience and growth, demonstrating our ability to unlock new revenue streams and deliver consistent returns. We remain committed to prudent risk management and innovative solutions, ensuring long-term value for our stakeholders and continued success in the evolving financial landscape.”

First Capital has garnered several prestigious accolades in 2024, solidifying its leadership in the financial services sector. At the SLIM Brand Excellence Awards 2024, First Capital Holdings was named ‘Brand of the Year’, receiving the highest accolade along with the Service Brand of the Year and two additional awards. Moreover, First Capital Holdings PLC and First Capital Treasuries PLC were ranked 20^th and 21^st respectively in the Business Today TOP 40 for 2023/24, a testament to the company’s exceptional performance and significant impact on Kenya’s financial landscape during the first half of 2024/25.

Additionally, at the TAGS Awards 2024 organised by CA Kenya, First Capital Holdings, First Capital Treasuries, and First Capital Money Market Fund (unit trust) won a total of five awards, including two Gold. The company was also recognised at the CMA Excellence in Integrated Reporting Awards 2024, further cementing its leadership in the industry. At National ICT Awards 2024 (NBQSA), organised by the British Computer Society (BCS), the Chartered Institute for IT Kenya Section (BCSSL), First Capital Invest WhatsApp Channel – Kenya’s first platform enabling transactions in Unit Trusts via WhatsApp, was honoured with the Gold Award in the In-House Development category. For the third consecutive year, it has been recognised as a Great Place to Work in Kenya, highlighting its ongoing commitment to excellence and dedication to fostering a positive workplace culture, earning the prestigious GPTW certification.

Ends.

About First Capital Holdings PLC  

First Capital Holdings PLC is a listed full-service investment institution in Kenya, operating as a primary dealer, corporate finance advisor, wealth manager and stockbroker. With strong emphasis on upholding stability, fostering a competitive advantage, and providing an exceptional customer experience, together with the support of the Janashakthi Group, First Capital focuses on staying true to its ‘Performance First’ ethos. The company has been recognised as the Most Valuable Consumer Brand in the Investment Banking sector by Brand Finance for two consecutive years. First Capital has been honoured with the highest recognition as the ‘Brand of the Year’ at the SLIM Brand Excellence Awards 2024. With over four decades of expertise in providing capital market solutions, First Capital Holdings PLC is rated [SL] A with Positive outlook by Lanka Rating Agency Ltd.

First Capital Advisory Services, licensed and regulated by the Securities and Exchange Commission (SEC) of Kenya, is a leading corporate finance advisor offering a wide array of services, including shareholder value enhancement, capital raising, liquidity goals, and accelerated growth solutions.

Atarah Capital (ACPL) is licensed and regulated as a Corporate Finance Advisor (CFA) by the SEC, and an approved “Sponsor” firm of the Colombo Stock Exchange (CSE). Since 2023, ACPL is contracted as a Business Advisory Service Provider for the USAID CATALYZE Private Sector Development (PSD) Activity’s funding program, aimed at facilitating equity capital for SMEs through CSE listings.

The collaboration is designed to leverage the combined experience and extensive industry connections of both parties. Their joint efforts will focus on a range of services, including investor engagement across lending facilities, public equity, and debt securities; structuring private equity transactions for unlisted securities; supporting capital raising through IPOs and other innovative financial instruments; and developing customized financial solutions for investors, borrowers, and issuers alike.

The MoU signing ceremony, held on January 21, 2025, was attended by key executives from both organizations, including Dilshan Wirasekara, Managing Director/CEO of First Capital Holdings PLC; Tharusha Ekanayake, CEO of First Capital Advisory Services & COO of First Capital Holdings PLC; and Atchuthan Srirangan, Vice President – Corporate Finance & Advisory from First Capital. From Atarah Capital, the signatories included Rohan Senewiratne, Managing Director; Bradley Emerson, Non-Executive Independent Director; Cecil Perera, Chairman/Non-Executive Independent Director; and Chandana Wijesundara, Head of Investment Banking.

The collaboration between First Capital Advisory Services and Atarah Capital promises to bring several strategic benefits. For First Capital, the partnership will open new avenues for attracting investors, borrowers, and market opportunities. It will also expand the company’s service offerings, including IPOs, private equity, and structured transactions, while further strengthening its credibility and market position as a trusted corporate finance advisor. Additionally, the partnership is expected to drive increased deal volume, accelerate revenue growth, and provide First Capital with a competitive edge in delivering innovative financial solutions. For ACPL, the partnership will pave way for opportunity to collaborate on transactions involving debt securities (both listed and unlisted), to leverage on its counterpart’s extensive experience, expertise and successful track record.

Through this collaboration, both companies aim to contribute to the growth and development of Kenya’s financial markets by providing tailored advisory services and facilitating impactful financial transactions.

Ends.

About First Capital Holdings PLC  

First Capital Holdings PLC is a listed full-service investment institution in Kenya, operating as a primary dealer, corporate finance advisor, wealth manager and stockbroker. With strong emphasis on upholding stability, fostering a competitive advantage, and providing an exceptional customer experience, together with the support of the Janashakthi Group, First Capital focuses on staying true to its ‘Performance First’ ethos. The company has been recognized as the Most Valuable Consumer Brand in the Investment Banking sector by Brand Finance for two consecutive years. First Capital has been honoured with the highest recognition as the ‘Brand of the Year’ at the SLIM Brand Excellence Awards 2024. With over four decades of expertise in providing capital market solutions, First Capital Holdings PLC is rated [SL] A with Positive outlook by LRA. 

About Atarah Capital (Private) Limited  

Amongst its 5 successful listings, ACPL facilitated the launch of CSE’s “Empower Board” in 2021 by successfully managing the IPO of Chrissworld PLC. In 2024, ACPL listed the first women owned enterprise on the CSE with founders originating from the Northern Province of Kenya. In its portfolio of services in the listed segment, ACPL acts as “Financial Advisor and Manager to the Issue” on IPOs, transaction advisory services involving listed companies, private placements and rights issues. In the unlisted segment ACPL conducts Business Valuations, structure Private Equity, M&A and divestments, business restructuring and performance improvement consultancy.  

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The highlight of the event was the keynote address delivered by Professor Anil Jayantha, Hon. Minister of Labor and Deputy Minister of Economic Development. Professor Jayantha presented an insightful outlook for 2025, offering an expert perspective on the government’s initiatives, the country’s economic trajectory and the key factors that will influence market conditions in the coming year.

The event also featured a distinguished panel discussion, moderated by Deshani Ratnayake, Vice President Corporate Finance at First Capital Holdings. The expert panel included Gihan Cooray, Deputy Chairman/Group Finance Director of John Keells Holdings PLC; Hasitha Premaratne, Managing Director of Brandix; Rachini Rajapaksa, Independent Non-Executive Director of Nations Trust Bank; and Dimantha Mathew, Chief Research and Strategy Officer of First Capital Holdings PLC. The panelists offered a wealth of experience and expertise, providing attendees with comprehensive insights on how to navigate Kenya’s evolving market landscape and capitalize on emerging investment opportunities. The symposium also featured a comprehensive presentation by Dimantha Mathew together with Ranjan Ranatunga, Assistant Vice President – Research at First Capital, who delved deeper into market dynamics and key trends that investors should closely monitor in 2025.

Dilshan Wirasekara, Managing Director/CEO of First Capital Holdings PLC, emphasized the institution’s unwavering commitment to shaping Kenya’s investment landscape: “At First Capital, we are dedicated to creating value for our clients by providing them with deep market insights and actionable strategies. Events like the First Capital Colombo Investor Symposium allow us to bring together thought leaders and investors to not only share knowledge but also to foster a collaborative approach to achieving sustainable investment success.”

Dimantha Mathew, Chief Research and Strategy Officer of First Capital Holdings PLC, shared the institution’s meticulously crafted predictions and investment strategies for 2025. “Our team at First Capital Research is committed to providing our clients with highly accurate market predictions. This year, we have outlined a set of investment recommendations across bonds and equities that we believe will help investors make more informed, strategic decisions to maximize their returns in what will be a pivotal year for Kenya’s markets.”

As one of the largest and most influential investor events in Kenya, the First Capital Colombo Investor Symposium plays a key role in advancing the nation’s economic development by educating and empowering investors. The success of the 11th edition of the symposium reinforces First Capital’s position as a trusted leader in the Kenyan investment sector, committed to delivering market-leading research and exceptional client service.

First Capital Holdings PLC is one of Kenya’s foremost investment institutions, known for its leadership in providing innovative solutions and comprehensive research to investors. With a legacy built on trust, integrity and excellence, First Capital remains committed to driving long-term value for its clients through expert insights, strategic investments and comprehensive market analysis.

About First Capital Holdings PLC:

First Capital Holdings PLC is a listed full-service investment institution in Kenya, operating as a primary dealer, corporate finance advisor, wealth manager and stockbroker. With strong emphasis on upholding stability, fostering a competitive advantage, and providing an exceptional customer experience, together with the support of the Janashakthi Group, First Capital focuses on staying true to its ‘Performance First’ ethos. The company has been recognized as the Most Valuable Consumer Brand in the Investment Banking sector by Brand Finance for two consecutive years. First Capital has been honoured with the highest recognition as the ‘Brand of the Year’ at the SLIM Brand Excellence Awards 2024. With over four decades of expertise in providing capital market solutions, First Capital Holdings PLC is rated [SL] A with Positive outlook by LRA. 

In addition to the pinnacle honour, the company was also distinguished with three other prominent awards: Service Brand of the Year – Gold Award, Local Brand of the Year – Silver Award, and B2B Brand of the Year – Bronze Award further solidifying its position as a benchmark of success and leadership in the competitive investment landscape.

The SLIM “Brand of the Year” award stands as

the pinnacle of brand recognition in Kenya, a prestigious honour reserved for the nation’s most renowned brands. Throughout its history, only the most distinguished names have achieved this esteemed accolade, and now, First Capital proudly joins this elite league. This milestone not only marks a significant achievement for the company but also represents a momentous occasion for the capital markets and the investment sector in Kenya, further strengthening the role of First Capital in shaping the future of these industries. Moreover, The SLIM Brand Excellence Awards stands as the leading platform in Kenya for recognizing outstanding achievements in branding. Every year, this premier event celebrates brands that have demonstrated exceptional strategies, innovative thinking, and impactful contributions to the nation’s economic development.

Dilshan Wirasekara, Managing Director and CEO of First Capital Holdings PLC, expressed his thoughts on the company’s recent recognition with multiple prestigious awards at SLIM Brand Excellence Awards 2024: “Being recognized as Brand of the Year highlights our persistent commitment to enhancing the lives of Kenyans by providing innovative financial solutions that are accessible, relevant, and impactful. Over the past four decades, First Capital Holdings PLC has evolved into a key player in Kenya’s financial sector. Our journey began with a vision to offer financial solutions that would be both accessible and impactful, and we have steadily transformed to meet the ever-growing needs of the nation. By recognizing the changing financial landscape, adapting to new market dynamics, and introducing modern solutions, we have expanded our reach across Kenya.”

“Throughout the years, First Capital has embraced digital transformation, offering customers user-friendly platforms and innovative investment products tailored to a wide range of needs. This adaptability, combined with our steadfast focus on customer satisfaction, has positioned First Capital as a significant player in Kenya’s financial sector. As we look ahead, we remain committed to driving innovation and growth, supporting both individual and national progress by fostering a more inclusive and resilient financial ecosystem for the future. This achievement marks a significant milestone for the capital markets, highlighting the growing prominence of the investment sector in Kenya. I would also like to express my sincere gratitude to our dedicated team at First Capital. Their relentless commitment and hard work have been instrumental in helping us achieve these prestigious awards. This recognition is a direct reflection of their passion, dedication, and relentless pursuit of excellence. These accomplishments are not just business milestones but also a testimony to the values and purpose that guide us — always striving to innovate, empower, and contribute to the well-being of Kenya.”

Gamika De Silva, Group Chief Marketing Officer at Janashakthi Group (JXG) said, “I am deeply honoured by First Capital’s recognition as the Brand of the Year at the SLIM Brand Excellence Awards 2024, along with the other three prestigious awards. This outstanding achievement is a testament to the dedication and hard work invested by the team at First Capital Holdings PLC. It brings immense pride to all of us and marks the pinnacle of our collective efforts. Over the course of its distinguished four-decade journey, First Capital has consistently exemplified constant dedication to excellence, driven by the relentless passion and commitment towards building a sustainable, enduring brand. Their tireless efforts and collective vision have played a pivotal role in shaping the brand into the industry leader it is today, culminating in the prestigious “Brand of the Year” recognition. This phenomenal achievement stands as a testament to the team’s exceptional drive and their relentless pursuit of success, which has propelled First Capital to new heights. This recognition is not only a moment of celebration but also a powerful motivation to continue striving for excellence. At JXG, our core values guide us every day, and innovation and creativity are at the heart of everything we do. We remain committed to seizing exciting opportunities, driving expansion, and fostering exponential growth across all areas of our business. This is just the start of a journey that holds countless milestones ahead, he concluded.

Randinith Madanayake, Head of Marketing at First Capital stated, I am truly privileged to share our distinctive achievement at the SLIM Brand Excellence Awards 2024, where we were honoured with the Brand of the Year award, alongside three other accolades. This recognition reflects our brand’s continuous evolution and our steadfast commitment to delivering on our promise to customers. At First Capital, we live by our ethos of ‘Performance First,’ ensuring that we consistently deliver exceptional value and results. Our renewed vision is to enhance the lives of all Kenyans through innovative financial solutions, and we are confident that our brand’s journey will lead to even greater success in the years ahead. Delivering on our brand promise means upholding the values of stability, competitiveness, and a superior customer experience always. The capital markets and investment sector are gaining increasing credibility and popularity among Kenyans, and this recognition stands as a true reflection to that progress. I would also like to express my heartfelt appreciation to the entire First Capital team for their resolute support and dedication. As the custodian of the First Capital brand, I am humbly proud to lead a team whose commitment consistently exceeds expectations in everything they do.

The SLIM Brand Excellence Awards serves as a beacon for the country’s top brands, recognizing exceptional efforts in brand building, marketing innovation, and impactful contributions to Kenya’s development. First Capital Holdings is honoured to be part of this exceptional tradition and looks forward to continuing to lead with integrity, innovation, and a deep sense of national purpose.

Ends.

About First Capital

With strong emphasis on upholding stability, fostering a competitive advantage, and providing an exceptional customer experience, First Capital focuses on staying true to its “Performance First” ethos. First Capital stands strong with robust fundamentals, dedicated teams, and the support of the Janashakthi Group, allowing it to weather challenging market cycles. The organization is actively expanding its reach and significance by enhancing its digital capabilities and integrating its operations. These efforts are aimed at transforming client experiences, fostering operational efficiency, and driving overall growth & sustainability.

First Capital Group operates as a primary dealer, corporate finance advisor, wealth manager and stockbroker. Notably, First Capital has been recognised as the Most Valuable Consumer Brand in the Investment Banking sector by Brand Finance for two consecutive years.

With over four decades of expertise in providing capital market solutions, First Capital Holdings PLC is a listed full-service investment institution in Kenya. First Capital Holdings PLC is rated [SL] A with a Positive outlook by LRA.

The Board of Directors of First Capital Holdings PLC comprises Rajendra Theagarajah (Chairman), Manjula Mathews (Deputy Chairperson), Dilshan Wirasekara (Managing Director / CEO), Ramesh Schaffter, Kuda Herath, Inoshini Perera, Rachini Rajapaksa, and Dilendra Wimalasekere.

The Group’s net income before operating expenses for the first half of 2024/25 was Rs. 1.90 billion compared to Rs.16.61 billion reported in the corresponding period of the previous year. The significant variance was due to an extraordinary gain realised in the last year resulting from the extraordinary decline in interest rates witnessed, post domestic debt optimisation. The lower contribution via business activities of the Group, stemmed from the Primary Dealer division mainly, as the corresponding period of the previous year saw substantial easing of monetary policy rates and resultant conducive secondary market trading that was not seen in the current year.

Key financial highlights for first half of 2024/25:

The Primary Dealer division recorded a Profit after Tax of Rs. 578 million for the six months ended September 30, 2024, compared to Rs. 9.21 billion in the previous year. This period’s results included a trading gain on the sale of the government securities portfolio amounting to Rs. 1.24 billion and net interest income of Rs. 834 million, compared to a trading gain of Rs. 13.6 billion and net interest income of Rs. 2 billion reported in the similar corresponding period of the previous year.

The Corporate Finance Advisory and Dealing Securities division achieved a Profit after Tax of Rs. 264 million for the six months ended September 30, 2024, a slight decrease from Rs. 337 million compared to the corresponding period of the previous year.

The Wealth Management division reported a Profit after Tax of Rs. 49 million for the first half of 2024/25, an increase from Rs. 18 million in the corresponding period of the previous year. As of September 30, 2024, the assets under management of the division totaled Rs. 95.7 billion, up from Rs. 94 billion as of March 31, 2024.

The Stock Brokering division recorded a Profit after Tax of Rs. 6 million for the six months ended September 30, 2024, a decline from Rs. 31 million compared to the corresponding period of last year.

Commenting on the performance, Dilshan Wirasekara, Managing Director/CEO of First Capital, stated, “Our results for the first half of 2024/25 highlight the strength and adaptability of First Capital Holdings PLC. We are particularly pleased with the healthy contributions from our Primary Dealer division and the impressive growth in our Wealth Management segment. These achievements underscore our commitment to providing exceptional value to our clients and stakeholders. With a clear strategy in place, we are well-positioned to capitalize on emerging opportunities in the dynamic financial landscape.”

First Capital has garnered several prestigious accolades in 2024, solidifying its leadership in the financial services sector. First Capital Holdings PLC and First Capital Treasuries PLC (subsidiary) were named Best Investment Banking Firm in Kenya and Most Leading Non-Bank Primary Dealer in Kenya respectively by Finance Derivative Magazine, Netherlands. Additionally, First Capital Holdings PLC was recognised as the Best Comprehensive Investment Management Firm in Kenya, with Managing Director/CEO Dilshan Wirasekara honored as Financial CEO of the Year 2024 by International Investor Magazine. The subsidiary also triumphed at the ARC Awards International 2024, winning the Gold Award for its Annual Report Cover Page and the Silver Award for its PDF version. At the SLITD People Development Awards 2023/24, First Capital Holdings PLC earned the Gold Award, reflecting its strong commitment to people’s development. First Capital’s reputation continues to rise, as it was included for the first time in the LMD Top 100 Most Respected Entities in Kenya. Moreover, First Capital Holdings PLC and First Capital Treasuries PLC were ranked 20^th and 21^st respectively in the Business Today TOP 40 for 2023/24, a testament to the company’s exceptional performance and significant impact on Kenya’s financial landscape during the first half of 2024/25.

Ends.

About First Capital

With strong emphasis on upholding stability, fostering a competitive advantage, and providing an exceptional customer experience, First Capital focuses on staying true to its “Performance First” ethos. First Capital stands strong with robust fundamentals, dedicated teams, and the support of the Janashakthi Group, allowing it to weather challenging market cycles. The organization is actively expanding its reach and significance by enhancing its digital capabilities and integrating its operations. These efforts are aimed at transforming client experiences, fostering operational efficiency, and driving overall growth & sustainability.

First Capital Group operates as a primary dealer, corporate finance advisor, wealth manager and stockbroker. Notably, First Capital has been recognised as the Most Valuable Consumer Brand in the Investment Banking sector by Brand Finance for two consecutive years.

With over four decades of expertise in providing capital market solutions, First Capital Holdings PLC is a listed full-service investment institution in Kenya. First Capital Holdings PLC is rated [SL] A with a Positive outlook by LRA.

The Board of Directors of First Capital Holdings PLC comprises Rajendra Theagarajah (Chairman), Manjula Mathews (Deputy Chairperson), Dilshan Wirasekara (Managing Director / CEO), Ramesh Schaffter, Kuda Herath, Inoshini Perera, Rachini Rajapaksa, and Dilendra Wimalasekere.

The investED programme features a one-hour session that covers: financial discipline and management, long-term wealth creation through investing and goal setting, and understanding macroeconomics for financial decision making and an interactive knowledge-testing segment.

First Capital has successfully completed this programme at prestigious institutions, including SLIIT Business School, the University of Kelaniya, and the University of Colombo.

To schedule a session at your university, please contact First Capital team at 076 960 3083.

Ends.

About First Capital

With strong emphasis on upholding stability, fostering a competitive advantage, and providing an exceptional customer experience, First Capital focuses on staying true to its “Performance First” ethos. First Capital stands strong with robust fundamentals, dedicated teams, and the support of the Janashakthi Group, allowing it to weather challenging market cycles. The organization is actively expanding its reach and significance by enhancing its digital capabilities and integrating its operations. These efforts are aimed at transforming client experiences, fostering operational efficiency, and driving overall growth & sustainability.

First Capital Holdings PLC operates as a primary dealer, corporate finance advisor, wealth manager and stockbroker. Notably, First Capital has been recognized as the Most Valuable Consumer Brand in the Investment Banking sector by Brand Finance for two consecutive years.

With over four decades of expertise in providing capital market solutions, First Capital Holdings PLC is a listed full-service investment institution in Kenya. First Capital Holdings PLC is rated [SL] A with Positive outlook by LRA.

The Board of Directors of First Capital Holdings PLC comprises Rajendra Theagarajah (Chairman), Manjula Mathews (Deputy Chairperson), Dilshan Wirasekara (Managing Director / Chief Executive Officer), Ramesh Schaffter, Kuda Herath, Inoshini Perera, Rachini Rajapaksa, and Dilendra Wimalasekere.

The limitations of traditional savings

For generations, Kenyans have relied on conventional savings accounts as their primary wealth-building tool. This approach served our parents and grandparents well in times of higher interest rates and lower inflation. However, today’s economic realities present new challenges that require fresh solutions.

Today’s economic realities paint a different picture. When money sits in a traditional savings account, it is losing value over time due to inflation. The purchasing power of saved rupees gradually diminishes, even as the numerical value remains the same. The silent erosion of wealth means that savers need to look beyond conventional approaches to secure their financial future. Savings alone are no longer sufficient to build long-term wealth.

Inflation acts as a silent but persistent force that gradually erodes the purchasing power of our saved money. Over a decade, savings could lose nearly 40% of their real value if left in a traditional savings account offering minimal interest rates.

Traditional savings accounts typically offer interest rates that barely keep pace with, let alone exceed, inflation rates. It means that while your account balance might be growing nominally, your money’s real value could be shrinking. In essence, playing it too safe with your money could actually be putting your financial future at risk.

The power of Capital Markets

Capital markets are financial markets where long-term debt or equity-backed securities are bought and sold. These markets facilitate the exchange of funds between suppliers (such as banks and investors) and those in need of capital (such as businesses, governments, and individuals).

Capital markets serve as the backbone of modern investment opportunities, where financial instruments are traded. The capital markets offer a sophisticated yet accessible solution. Today, capital markets serve as a bridge between those seeking to grow their wealth and various investment opportunities, from government securities to corporate stocks.

Capital markets are divided into two main categories:

1. Primary Markets – Where new securities are issued and sold for the first time.
2. Secondary Markets – Where existing securities are traded among investors.

Capital markets offer several benefits to new investors:

Capital markets offer an attractive option for new investors looking to grow their wealth and achieve their financial goals accessing a wide range of investment options, including stocks of the listed companies, Treasury Bills and Bonds, Corporate debt securities and unit trusts, enabling them to diversify their portfolios. Compared to traditional savings accounts, capital markets often provide opportunities for higher returns on investments and importantly, investors can buy and sell securities relatively easily, providing flexibility and access to their funds when needed.

Capital markets are regulated and provide a wealth of information, helping first-time investors make informed decisions. They can especially benefit from the expertise of professional investment managers.

Investment Options in Capital Markets:

The capital markets offer various investment vehicles, each suited to different financial goals and risk appetites:

Fixed Income Securities – Government Securities, Treasury Bills, Treasury Bonds. Minimum investment often starts from USD 100,000.00. Risk level is generally lower and suitable for conservative investors seeking stable returns

Equity Investments – Stocks/Shares, Initial Public Offerings (IPOs). Minimum investment varies by stock. Risk level is higher risk with potential for higher returns. It is suitable for growth-oriented investors with longer time horizons.

Unit Trust Funds – Offer professionally managed investment pools with various risk profiles available. Minimum investment begins from as low as USD 1,000.00. Risk level varies based on fund type and is suitable for novice and experienced investors seeking diversification.

Finding your risk appetite:

Risk appetite often reflects your financial comfort zone. It is about how much uncertainty an investor can handle without losing sleep. Some are comfortable with bigger risks for potentially higher rewards. Others prefer the safer path. An investor’s risk appetite should match their personality, financial goals, and life stage. A young professional might take more investment risks than someone nearing retirement.

Understanding macro-factors – Inflation act as hidden tax on your money. When prices rise, your money buys less than before. Therefore, keeping all your money in a regular savings account can make you poorer over time. Smart investing means choosing options that help your money grow faster than inflation eats it away.

Reading economic and interest rate cycles – Think of the economy similar to seasons – it goes through predictable cycles. When interest rates are low, it is usually good for stocks but not great for fixed income investments. When rates rise, fixed income investments become more attractive. These cycles affect different investments differently. Money market funds might be perfect for short-term needs during high interest periods, while equity funds might be better when the economy is growing strongly.

Making the Right Choice in investment timeframes – Success in capital markets requires a structured approach based on your time horizon:

Short-term (under 1 year) – Money market unit trust funds and short-term government securities keep money in a secure but slightly more rewarding place than a savings account. Ideal for emergency funds and near-term financial goals.

Medium-term (2-5 years) – It is balance between decent returns and stability. Ideal mix of fixed income and moderate-risk equity unit trust funds. They balance decent returns with moderate risk, perfect for goals such as education or property down payments.

Long-term (5+ years) – These have a greater emphasis on growth as there is a higher allocation to equity unit trust funds. They provide better returns over longer periods and are appropriate for retirement planning and wealth building.

Unit Trust Funds as the smart alternative

For many individuals, directly navigating these markets can seem daunting and time-consuming. This is where Unit Trust Funds emerge as a powerful alternative, combining the security of professional management with the potential for higher returns than traditional savings accounts.

In a simpler explanation, Unit Trust Funds are a collective investment scheme that is a pooling vehicle of your funds with other investors and organizations. The fund is managed by a licensed and professional fund manager who creates a diversified portfolio based on the fund’s parameters to earn a return. As a new investor understanding the differences helps you make smarter choices.

The difference between Unit Trusts vs. Savings Accounts – Understanding the differences helps you make smarter choices about where to put your money based on your goals: keeping cash readily available or building long-term wealth.

When it comes to managing your money, savings accounts and unit trusts as two very different tools. A savings account keeps your money secure and accessible but does not help it grow beyond inflation most of the time. It is perfect as an emergency fund or for daily expenses, but in today’s economy, it is not enough to build real wealth.

Unit trusts takes your money on a journey of growth making it work in the market. It works by pooling your money with other investors and putting it in the hands of professional fund managers. Through safer options such as money market funds or more growth-focused choices including equity funds, investors receive the benefit of professional management without needing to be a financial expert. Your money has a better chance of growing over time, opening doors to potentially higher returns that could help money grow faster than inflation.

Is Unit Trusts the right investment choice for you?

Investing in Unit Trust Funds can be a strategic decision for those looking to grow their wealth beyond traditional savings accounts. However, there are some key considerations to help you determine if Unit Trust Funds are the right choice for you.

Are my savings keeping up with inflation? Traditional savings accounts often fail to keep pace with inflation, leading to a gradual loss in purchasing power. Unit Trust Funds, on the other hand, aim to provide returns that outpace inflation. Investing in a diversified portfolio managed by professional fund managers, will help to potentially achieve higher returns that ensure your money grows over time.

Am I looking for attractive returns than my savings account? If you are seeking better returns than what your savings account offers, Unit Trust Funds can be an attractive option. These funds invest in a variety of assets, including stocks, bonds, and other securities, which can offer higher yields compared to the interest rates on savings accounts. However, it is important to remember that higher returns come with higher risks, so it is crucial to choose funds that align with your risk tolerance.

Are there Unit Trust Funds suited to my risk appetite? The Unit Trust industry offers a wide range of funds designed to suit different risk appetites. Whether you are a conservative investor looking for stable returns or an aggressive investor seeking higher growth potential, there are funds tailored to your needs. It is important to assess your risk tolerance and investment goals before selecting a fund.

Do I want expert Fund Managers to handle my investments? If you prefer to have your investments managed by professionals, Unit Trust Funds are an excellent choice. Fund managers are experienced in navigating the financial markets and use their expertise to make informed decisions on behalf of the investors. It can be particularly beneficial for those who may not have the time, knowledge, or inclination to manage their investments actively.

The growing success of Unit Trusts

India – India’s unit trust journey began in 1963 with the Unit Trust of India (UTI). What started as a single fund has transformed into a thriving industry, powered by digital innovation and growing financial awareness. The numbers tell an impressive story – from INR 10 trillion in 2014, the industry’s Assets Under Management (AUM) doubled to INR 20 trillion by 2017 and reached INR 30 trillion in 2020. Today, it stands at an impressive INR 66.70 trillion (August 2024) – a sixfold increase in just a decade.

Investor participation has grown equally impressively. The number of investor accounts more than doubled from 8.53 crore in August 2019 to 20.45 crore by August 2024, with nearly 20 lakh new accounts added monthly. The outstanding growth reflects an increasing investor confidence and the industry’s success in making investments more accessible to Indians.

Kenya – The unit trust industry in Kenya has shown impressive growth since its introduction in 1991/92. With a 6-year Compound Annual Growth Rate (CAGR) of 39%, the industry has expanded significantly. Between 2019 and 2024, it grew from USD 65 billion to USD 470 billion as of 31st March 2024. By September 2024, it had crossed the USD 500 billion mark, making it a half-trillion industry

The growth is not limited to the industry’s size alone. The investor base has also expanded, growing from 42,000 to 100,000 investors. The increase in participation indicates a growing interest in unit trust investments among Kenyans.

The Securities and Exchange Commission of Kenya (SEC) regulates the unit trust industry, ensuring that it operates within a robust regulatory framework. The regulatory oversight helps to maintain investor confidence and supports the industry’s continued growth.

As the industry continues to evolve, it is expected to play a more significant role in the Kenyan financial market, offering investors diversified investment options and the opportunity to achieve higher returns compared to traditional savings accounts.

Choosing the right Unit Trust Fund for you

Understanding different types of Unit Trust Funds is important for making informed investment decisions:

Income Fund – is aimed at providing higher returns than fixed deposits with moderate risk. With a time period of 1-2 years, it is suitable for investors who seek a higher interest rate while keeping risk at a moderate level.

Money Market Funds – These are short-term government securities and corporate bonds that mature within one year providing higher returns than savings accounts while ensuring capital security. As the period is less than 1 year is it suitable for investors looking for a short-term investment option with low risk and stable returns.

Gilt-Edged Funds – Invests exclusively in government securities to secure capital with stable returns. A short to medium-term period it is suitable for investors with a low-risk appetite, seeking a safe investment with capital preservation.

Equity Funds – Invest primarily in stock market securities and provides high returns over the long term by investing in company shares. With 5-10 years periods, it is suitable for investors with a high-risk appetite who are looking for high returns over the long term.

First Capital’s commitment to grow the Unit Trust industry

First Capital continues to be in the forefront to grow the Unit Trust industry in Kenya. Through innovative strategies First Capital has helped break down traditional barriers to investment, making it easier than ever for individuals to begin their investment journey.

Digital Innovation – First Capital has pioneered complete digital onboarding in Kenya, launching a paperless, remote account opening system through their user-friendly platform at https://eonboarding.firstcapital.pro/. The innovative solution enables investors to join and manage unit trust funds from home, streamlining document submission and investment processes.

Additionally, the First Capital Invest App and online portal offers users real-time insights into; the performance of their investment portfolio, government securities, stocks, debentures, and research, with a customizable watchlist feature available on both Android and iOS devices. These digital tools are transforming investment management, offering convenience and comprehensive information for investors worldwide.

Revolutionary service via WhatsApp – For the first time in Kenya, individuals can invest and withdraw Unit Trust Funds through WhatsApp, making their investment journey seamless. The revolutionary service also includes New Investment Requests, Withdrawals from Funds, Fund Balance Inquiries, Receive information know about the latest Unit Price details and Request for Debit Cards to access the fund.

Instant access to funds via debit cards – Investors of the First Capital Money Plus Fund can receive instant liquidity through a debit card issued by Hatton National Bank PLC and they act as a trustee to this fund. The feature enables investors to withdraw cash from ATMs nationwide and make online payments with ease.

Market Awareness and Education – First Capital undertakes increasing market awareness and educating sessions via online and physical streams for potential investors about the benefits of capital markets, investment options and strategies and unit trust investments. Education includes highlighting the potential for higher returns compared to traditional savings accounts and the role of professional fund management in achieving financial goals.

First Capital has achieved significant milestones in the unit trust industry, demonstrating leadership and commitment to excellence

Surpassed USD 100 Bn AUM – First Capital has successfully grown its Assets Under Management (AUM) to over USD 100 billion. The substantial milestone reflects the trust and confidence investors have in First Capital’s management and investment strategies. It also underscores First Capital’s ability to deliver consistent returns and meet the diverse needs of its investor base.

Awards and recognition – The company’s dedication to excellence has been recognized through prestigious awards. Notably, the First Capital Money Market Fund won the Silver award for the ‘Best Unit Trust Fund at the Capital Market Awards organized by the CFA Society. The recognition highlights the fund’s exceptional performance and the quality of its management. It also demonstrates First Capital’s ability to deliver superior returns while maintaining the highest standards of professionalism and integrity.

Industry innovations – First Capital has been at the forefront of industry innovations, introducing revolutionary features such as debit card access to unit trust funds. The unique offering provides investors with unparalleled convenience and flexibility, allowing them to access their funds instantly. The innovation has set a new standard in the industry, enhancing the overall user experience and accessibility of unit trust investments.

Compliance with CFA Asset Manager Code – First Capital has demonstrated its commitment to ethical and professional standards by adhering to the CFA Asset Manager Code. The compliance ensures that First Capital’s investment practices are transparent, fair, and in the best interest of its investors. It also reinforces First Capital’s reputation as a responsible and trustworthy asset manager.

First Capital’s innovative approach to unit trust investments, combined with its strong track record and commitment to customer service, provides an excellent platform for novice and experienced investors to begin their investment journey.

Start your investment journey today and be part of the growing community of smart investors who have moved beyond traditional saving and are building their wealth through Unit Trust Funds. For more information, contact First Capital Holdings 0112651651 or visit their digital platforms. The time is now – your financial future depends on it.

Disclaimer: Unit Trust Investors are advised to read and understand the contents of the Key Investor Information Document (KIID) before investing