Jubilee Holdings shareholders approved a total dividend payout of Sh1.036 billion for the fiscal year ending December 2023. This represents a significant increase from the Sh817 million paid out in 2022.
The dividend increase comes despite a drop in profits from Sh5.5 billion in 2022 to Sh4.4 billion in 2023. The company attributed the higher dividend payout to a special dividend arising from the sale of its general insurance business to Allianz.
The approved dividend translates to Sh14.3 per share. The final dividend and special dividend will be paid on or around July 25, 2024, to shareholders on record as of June 25, 2024.
“This dividend is a testament to Jubilee’s strong financial performance and commitment to delivering value to its shareholders,” the company said in a statement that followed its 2023 Annual General Meeting.
Leadership Changes Announced
The company’s Annual General Meeting (AGM) also saw three directors, Jane Mwangi, Shabir Abji, and Ashif Kassam, step down from the board.
Rosemin Bhanji and Amyn Lalji were appointed to replace them.
Long-serving Chairman Nizar Juma also announced his retirement after 20 years. Under his leadership, Jubilee Holdings grew its turnover from Sh4 billion to nearly Sh40 billion, despite selling its controlling interest in the general insurance business.
“It has been an honour to serve as Chairman and to contribute to the growth and success of Jubilee Holdings. I am proud of what we have achieved together and confident that the company will continue to thrive and uphold its commitment to excellence and trust in the insurance industry,” said Juma.
Zul Abdul was appointed as the new Chairman.
