Christ is the Answer Ministries (CITAM) might be known to many as a church with a presence across Kenya, but it is also a major investor in its own right – in sectors including media, hospitality and education.
It is among the few Kenyan churches, which, like companies listed on the Nairobi Securities Exchange (NSE), publishes audited financial reports. Here, Business Today looks at key investments in the Christ is the Answer Ministries (CITAM) portfolio.
Citam owns at least ten primary schools spread across Athi River, Rongai, Thika Road, Kisumu, Nakuru, Ngong’, Kiserian and Woodley. The schools currently offer the CBC and 8-4-4 curriculums, as well as co-curricular activities.
When the total income from its business units increased by a massive 171% in 2021, to hit Ksh684 million in 2021 up from Ksh213 million in 2020, the church attributed it to various factors. Among them was increased pupil enrolment and the revised school calendar which crammed four terms into the year.
CITAM’s total income for the year, including tithes and offerings as well as donations, stood at Ksh2.53 billion, up from Ksh1.96 billion the previous year.
CITAM owns Hope Media, which operates broadcast properties Hope FM and Hope TV. The stations are popular with Christian audiences.
Their content is a combination of Christian content and talk-shows as well as news and current affairs. Hope FM was launched in 2003 while Hope TV was launched in 2016, in a ceremony led by then ICT Cabinet Secretary Joe Mucheru.
CITAM also owns rental properties in Kenya. The church raked in Ksh6.2 million in rental income in 2021, down from Ksh6.4 million in 2020.
Pan Africa Christian (PAC) University
CITAM also owns the Pan Africa Christian (PAC) University. The private university is headquartered in Nairobi.
According to the institution, it has a student population of over 3000, with over 25 nationalities represented. It offers 38 academic programs and has over 100 faculty members.
Citam has also invested in hotels and resorts. It cited the reopening of hotels and eateries as one of the drivers of its income growth in 2021. Among hotels it operates is the Citam Kadolta resort in Kitengela, which includes accommodation, conference facilities, restaurant, swimming pool, camping and team building facilities.