From left: Jubilee Holdings Ltd Group CEO Dr Julius Kipngetich with Vice Chairman Zul Abdul, Chairman Nizar Juma and Group Chief Operating Officer Juan Cazcarra. Jubilee Holdings Limited declared a record dividend of Sh1.036 billion for the financial year ended December 2023.
Jubilee Holdings Limited (JHL) shareholders have approved a record Sh1.03 billion dividend payout.
Jubilee Holdings board of directors had in May declared a payout of Sh14.30 per share amounting to Sh1.036 billion for the financial year ended December 2023, supported by a special distribution from the final gain on the sale of majority stakes in general insurance subsidiaries to global underwriter Allianz.
“This dividend is a testament to Jubilee's strong financial performance and commitment to delivering value to its shareholders,” the company said following its annual general meeting Tuesday.
The payout marks a 19.2 percent rise from Sh12 per share paid in the fiscal year ended December 2022 and surpasses the previous record of Sh1.015 billion that the Nairobi Securities Exchange-listed firm paid on the 2021 results.
The higher dividend payout came despite Jubilee’s net profit for the fiscal year that ended December 2023 dipping by 19.8 percent to Sh4.42 billion from restated net earnings of Sh5.51 billion in 2022. The dip in profit was mainly on account of the drop in the gain on disposal of subsidiaries to Sh246.86 million from Sh2.16 billion in the previous year.
The restated 2022 profit was to reflect the shift to a new accounting standard, International Financial Reporting Standards(IFRS) 17) that replaced IFRS 4 starting January last year.
Jubilee in 2021 sold majority stakes in general insurance business to Allianz SE and has been booking gains from the deal, supporting profit growth and special dividends.
Meanwhile, JHL Chairman Nizar Juma Tuesday announced his retirement at the AGM even as three directors Jane Mwangi, Shabir Abji, and Ashif Kassam resigned.
“The company extends its deepest gratitude for their invaluable contribution and leadership. Additionally, the company has welcomed two new directors, Rosemin Bhanji and Amyn Lalji, to the board,” JHL said.
Mr Zul Abdul was Tuesday named the new chairman of JHL and promised to extend the growth legacy by his predecessor.
“I would like to thank our outgoing chairman Nizar Juma for his admirable leadership, which has enabled our company to achieve great success over the past 20 years. As I take on this role, I am dedicated to building on his remarkable legacy to not only ensure a zero tolerance to corruption but also that Jubilee Insurance remains the leading company in the industry. Our company will continue to deliver maximum value to our shareholders through strong financial performance and dividends” Mr Abdul said.
