Nairobi, Kenya: UAP Holdings’s full year pre-tax profit grew by 44 per cent.
UAP Holdings Limited Group Managing Director Dominic Kiarie
The pan-African financial services group’s profit before tax (PBT) for the 12 months to December 31 last year rose to Sh1.75 billion from the previous year’s Sh1.21 billion.
Earnings Per Share (EPS) increased 34 per cent to Sh9.83 from Sh7.35 in a similar period.
The company attributed the improved performance to strong business growth and recovery of the stock markets, coupled with a strategy on diversification of the investment portfolio across key asset classes, including properties and fixed income investments.
Managing Director Dominic Kiarie said new business growth along with investment gains propelled the group’s improved performance.
“Our 2012 results are a significant improvement over 2011 on all key measures, with excellent growth in profitability, driven by strong growth in gross written premiums, investment income, and a material uplift in new business growth,” he said.
Total revenues grew 25 per cent to Sh9.06 billion, while total assets increased 69 per cent to Sh24.5 billion.
Total assets increased 70 per cent to Sh24.6 billion, boosted by funds realised from core business, private equity investors and public share offers.
During the year, the group completed its entry into Rwanda and Democratic Republic of Congo markets, with plans to enter into the Tanzania market in the pipeline.
By James Anyanzwa, The Standard
