Jubilee Holdings Limited has reported its audited results for the year ended December 31, 2017. The company recorded a 13 percent increase in profit before tax to Sh5.2 billion from Sh4.6 billion while total income increased by 25 percent to Sh31.2 billion.
Jubilee’s long-term business grew by 22 percent while short-term underwriting results increased by 83 percent. Additionally, total assets rose by 16 percent to Sh105 billion while total liabilities increased by 15 percent to Sh80 billion.
The company’s non-controlling interest increased from Sh1.5 billion in 2016 to Sh1.7 billion in 2017 while total equity surged 18 percent to Sh25.2 billion from Sh21.4 billion in 2016.
Cash and cash equivalents at the end of the year were Sh14.8 billion compared to Sh8.3 billion in 2016. The net insurance premium revenue rose by 9 percent to Sh19.2 billion from Sh17.6 billion in 2016.
Jubilee’s earnings per share increased by 19 percent from Sh45.49 to Sh54.26. Furthermore, during the period, the directors of Jubilee Holdings were paid Sh3.745 million in emoluments compared to Sh3.491 million in 2016.
“The directors recommend, for approval at the next annual general meeting, the payment of a final dividend of Sh8 per share subject to withholding tax where applicable making a total dividend for the year of Sh9 per share. […] The dividend will be paid on or about July 25, 2018, to members on the register of members at the close of business May 31, 2018, subject to approval at the annual general meeting,” the notice states.
The company will hold its annual general meeting (AGM) on May 31, 2018.