Directors of listed firm, Kenya Reinsurance, have notified shareholders that 22nd Annual General Meeting(AGM) will take place virtually, on 9th October, 2020.
This meeting is expected to approve payment of a KSh 0.10 dividend per share for the financial year ended 31st December, 2019 to shareholders on the register by 9th October, 2020. Payments will be made on 20th November, 2020.
Registration for the virtual annual shareholders meeting opened on 2nd September and will close on 6th October, 2020 at 11.00 am.
A large number of listed firms have not declared any interim dividends as the half-year earnings season comes to a close, leaving Kenya Re as one of the most attractive counters at the bourse.
Kenya Reinsurance Corporation has thus continued to attract immense interest from investors at the Nairobi Securities Exchange(NSE) as they position to earn dividends from a bearish bourse that has seen many listed firms record declines in half-year earnings and zero interim dividends.
The reinsurer posted KSh 4 Billion in Net Earnings for the financial year ended 31st December 2019. This improved performance is compared to a net profit of KSh 2.3 Billion the previous year.
The listed reinsurer saw its gross underwritten premiums rise to KSh 17.5 Billion from KSh 14.8 Billion during the period under consideration.
According to the audited financial statements of Kenya Re for the year ended 31st December 2019, net earned premiums increased to KSh 15.3 Billion from KSh 14.2 Billion in 2018.
The reinsurer’s balance sheet size increased from KSh 44.4 Billion to KSh 50.4 Billion with its cash balances rising to KSh 7.4 Billion as at 31st December, 2019 compared to KSh 5.8 Billion the previous year.
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