Jubilee Holdings announces special dividend as profits hit Ksh6.8bn
Jubilee Holdings shareholders are set for a record Sh1.015 billion dividend pay-out after the insurer’s net profit grew 67 per cent. Jubilee Holdings Chairman, Nizar Juma, joins CNBC Africa for more.
Tue, 05 Apr 2022 10:41:54 GMT
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AI Generated Summary
- Jubilee Holdings announces a record dividend payout of 1.015 billion Kenyan shillings for shareholders after a 67% increase in net profit, totaling 8.4 billion Kenyan shillings for the past year.
- The company attributes its success to the completion of a strategic alliance deal, tight control on expenses, and diversification of investments across sectors like infrastructure and power.
- Jubilee Holdings focuses on digital transformation as a key strategy for future growth, with plans to expand into new markets like Ethiopia and the Democratic Republic of Congo, while emphasizing market share growth within East Africa.
Jubilee Holdings, one of the leading insurance companies in Kenya, has announced a record dividend payout of 1.015 billion Kenyan shillings for its shareholders. The payout comes after the insurer's net profit surged by 67%, reaching a total profit of 8.4 billion Kenyan shillings in the past year. Jubilee Holdings Chairman, Nizar Juma, attributes this success to the completion of a strategic alliance deal and tight control on expenses. Despite challenges posed by the COVID-19 pandemic, the company managed to navigate through the increased medical and life claims while maintaining a solid balance sheet with over 9 billion Kenyan shillings in total assets. Juma also highlighted the company's diversification strategy, focusing on investments in various sectors like infrastructure, power, and agriculture, as key drivers of their growth. The company has shown a strong commitment to digital transformation, recognizing it as the future of the insurance industry. With ambitious plans for 2022, including expanding into new markets like Ethiopia and the Democratic Republic of Congo, Jubilee Holdings is poised for continued success with a focus on enhancing market share within East Africa through strategic acquisitions and advancements in digital technologies.
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