East Africa’s largest insurance group Jubilee Holdings will release a final dividend payout of KShs. 579.8 Million of KShs 8 per share for the financial year ended December 2019 on Friday.
The divided has been described as ‘a pleasant relief to many shareholders who have borne the negative effects of COVID-19.’
Jubilee Holdings Limited Group Chairman Mr. Nizar Juma noted that since going public the company has always paid a dividend to its shareholders and to date has never paid a dividend lower than the previous year.
“We are proud that Jubilee Holdings has demonstrated its solid financial ground and stood by its shareholders, and not lowered the dividend payout, despite the current difficulties caused by the COVID-19 Pandemic.” Mr. Juma added.
The insurer announced a marginal 2.5 percent decline in annual profits across the past year to Ksh.4 billion from Ksh.4.1 billion in 2018.
The Group’s gross earned premiums rose by 9.4 percent to Ksh.29.1 billion to rising its earned revenues from underwriting to Ksh.19.5 billion from Ksh.17.2 billion.
Its total income in the period stood at Ksh.32.8 billion from Ksh.27.9 billion.
Higher insurance benefits payouts and claims on the insurer dragged the firm’s bottom-line having increased by 23.9 percent to Ksh.19.7 billion.
Recently, it acquired an additional 9.44 percent stake in Bujagali Energy Ltd (BEL), increasing its shareholding in the Ugandan-based firm to 18.24 percent from 8.8 percent.