Britam Holdings has today announced a Ksh. 3.5 billion profit after tax for the year ending 31st December 2019. This is rapid increase from the Ksh. 2.29 billion loss that the company announced in the same period in 2018.
This was driven by an increase in gross revenue which increased to Ksh. 27 billion from Ksh. 24 billion. Investment income also increased to Ksh. 7.7 billion from Ksh. 6.1 billion in 2018 while revenue from sale of assets stood at Ksh. 4.7 billion.
Total expenses increased to Ksh. 31 billion from Ksh. 26 billion in the revious year. This was largely driven by an increase in insurance claims to Ksh. 15.4 billion, interest payments to Ksh. 3.8 billion, operating expenses to Ksh. 8.7 billion and commissions to Ksh. 3.4 billion. Finance costs however decreased to Ksh. 234 million from 905 million in 2018.
Net assets increased to Ksh. 29 billion from Ksh. 23 billion in the previous year. This was driven by an increase in total assets to Ksh. 125 billion from Ksh. 103 billion. Total liabilities however increased to Ksh. 95 billion from Ksh. 79 billion in 2018.
The Board of Directors recommend the payment of a dividend for the year of Ksh. 630.9 million which will translate to a dividend of Ksh. 25 cents per share. The date for the annual general meeting (AGM) will be communicated later as there are currently no meetings allowed in the country as it grapples with the COVID-19 pandemic.
Britam Holdings, previously known by as British-American Investments Company, is a financial services company that is listed on the Nairobi Securities Exchange. It offers financial products and services in insurance, asset management, property, and banking in the Kenya, Uganda, South Sudan, Rwanda, Tanzania, Malawi, and Mozambique.