AA Kenya will move to the Nairobi Securities Exchange after shareholders approved a listing by introduction.
- •The vote completes a shift from a member association structure started in 2021 and confirms a new phase as a listed mobility services company.
- •The AGM also approved a 16-for-1 share split on the existing KSh 8.00 shares. Each old share will convert into sixteen new shares with a par value of KSh 0.50.
- •Shareholders also backed a bonus issue of 6,136,665 new shares in a 1:5 ratio for investors on the register as at October 31.
In addition, the board received authority to allot up to KSh 49.09Mn in new shares for a period defined in the resolutions. These measures aim to increase share liquidity, broaden ownership over time and leave room for future capital raising once trading starts on the NSE.
Turnover increased 9.6% to KSh 913.92Mn from KSh 833.94Mn in 2023, reflecting higher activity across motoring services, driving schools and insurance brokerage.
Operating surplus almost doubled, moving to KSh 71.57Mn from KSh 38.92Mn, supported by better margins and higher other operating income.
Surplus for the year rose to 54.99Mn from KSh 31.74Mn, a 73.3% expansion. Net assets reached KSh 286.22Mn compared to KSh 231.23Mn, while total assets climbed to KSh 295.04Mn from KSh 240.46Mn, signalling a stronger balance sheet.
| Metric | 2024 | 2023 | YoY % |
|---|---|---|---|
| Turnover | 913.92 Mn | 833.94 Mn | ▲ +9.6% |
| Direct Expenses | 505.31 Mn | 446.79 Mn | ▲ +13.1% |
| Gross Margin | 408.61 Mn | 387.15 Mn | ▲ +5.5% |
| Other Operating Income | 39.69 Mn | 6.99 Mn | ▲ +468% |
| Administrative Expenses | 283.11 Mn | 265.91 Mn | ▲ +6.5% |
| Other Operating Expenses | 93.62 Mn | 89.31 Mn | ▲ +4.8% |
| Operating Surplus | 71.57 Mn | 38.92 Mn | ▲ +83.9% |
| Finance Costs | 13.97 Mn | 5.79 Mn | ▲ +141.2% |
| Surplus Before Tax | 57.60 Mn | 33.13 Mn | ▲ +73.8% |
| Tax Charge | 2.61 Mn | 1.39 Mn | ▲ +87.4% |
| Surplus for the Year | 54.99 Mn | 31.74 Mn | ▲ +73.3% |
| Net Assets | 286.22 Mn | 231.23 Mn | ▲ +23.8% |
| Total Assets | 295.04 Mn | 240.46 Mn | ▲ +22.7% |
Cost lines also moved higher as the business scaled as direct expenses rose to 505.31Mn from 446.79Mn, a 13.1% increase, consistent with higher activity levels. Administrative expenses also increased to KSh 283.11Mn from KSh 265.91Mn.
Management linked performance to stronger driving school enrolment and continued demand for roadside assistance, inspection, valuation and insurance services, which helped support revenue growth despite higher costs.
Beyond the capital actions, shareholders approved the audited financial statements for the year ended December 31, 2024. The AGM endorsed a first and final dividend of KSh 1.00 per share for holders on record at the close of business on October 31. Investors also approved director remuneration for the year, reappointed PKF Kenya LLP as auditor for the next financial period and confirmed the current board to continue steering the organisation through the remaining steps of the demutualisation and listing agenda.
AA Kenya enters this phase as a century-old motoring institution with nationwide reach in driving schools, roadside rescue, vehicle valuation, inspection and insurance intermediation.
