British American profit up 12%
07 March 2014, 12:46
Nairobi - Kenya's diversified financial
services firm British American (Britam) posted on
Friday a 12 percent rise in full-year pretax profit, helped by a
rise in investment income.
The company, which has insurance, asset management and
property development businesses, said last year's pretax profit
rose to 3.2 billion shillings ($36.9 million), after investment
income rose 26 percent to 6.3 billion shillings.
Revenue rose 29 percent to 15.13 billion shillings. Earnings
per share was unchanged at 1.40 shillings.
Insurance is seen as a growing industry in the region due to
low levels of penetration. Only about 7 percent of the 40
million people in Kenya, east Africa's biggest economy, have any
form of insurance.
The company said it would pay a final dividend of 0.25
shillings per share, the same as the previous year.
During the year, Britam started operations in Rwanda, adding
to its presence in Uganda and South Sudan. It also opened 10 new
branches in Kenya.