Jubilee Holdings Limited has reported a decline of 21% in half year profit before tax to KES 4.1 billion for the period ended 30th June 2022. The Nairobi listed company, which recently completed the sale of its majority of the General business to Allianz, blamed the uncertainty arising from the elections in Kenya, rising interest rates and global inflation as well as a significant reduction in foreign investment in the securities exchange.
During a similar period in 2021, the company posted a Profit Before Tax of KES 5.2 billion. In a statement, the firm also noted that profits had been impacted by market fair value losses amounting to KES 700 million.
The management further said that medical business was significantly impacted by the increase of claims experience in the post pandemic cycle, by a whopping KES 460 million in the first half of the year.
“Despite having transferred 62% (KES 3.5 billion) of the General business to Allianz last year, the Gross Written premium declined by only 6% to KES 20.9 billion. This was greatly offset by the significant growth of almost KES 3 billion in the long-term business.” said the firm.
Total assets increased by over KES 5 billion to KES 160.5 billion. Shareholder’s Funds grew by 6% to KES 41.9 billion. Total shareholder’s equity increased from KES 42.3 billion reported in the previous year to KES 44.8 billion.
Jubilee Holdings Interim Dividend
Jubilee Holdings Board has declared an interim dividend of KES 1 per share which will be payable on 11 October 2022.