Jubilee Insurance last week reported growth in profit after tax for the six months ending June 30. In 2009 their profit was KShs 344 million and went up to KShs 580.4 million for the first half of 2010. The insurance firm`s half year gross revenue also increased by KShs 775 million, to KShs 5.7 billion over last year’s. Growth areas in general business include a cover against political violence, terrorism and sabotage risks, and JD 24/7, a protection policy that packages a host of personal insurance covers. Jubilee group increased its issued share capital earlier this year by a bonus share issue in June to celebrate the group exceeding the billion mark profit. The Jubilee board of directors also announced an interim dividend of KShs 1 per share. Jubilee insurance is listed on the Nairobi Stock Exchange, Uganda Securities Exchange and Daresalaam Stock Exchange.
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Slow USE hurts NIC profits
The National Insurance Corporation (NIC) last week reported a profit after tax of Shs3.9 billion for the year 2009 compared to Shs4 billion earned in 2008.
Net revenue rose to Shs10.8 billion last year, compared to about Shs10.3 billion recorded in 2008.
The company’s profitability was cutback by a decline in the value of shares it holds in listed companies at the Uganda Securities Exchange. During the period under review, NIC was among the top 50 shareholders of Uganda Clays Limited, the New Vision Printing and Publishing Company, Bank of Baroda and the Development Finance Company of Uganda (Dfcu) Limited.
Share prices of most listed companies significantly declined in 2009, as international investors withdrew their money from global stock markets, returning it to low risk investments back home.
NIC also announced a Shs 5 dividend for its shareholders on each share they hold if the proposed payment is endorsed next month.
The NIC board recommended the payment to investors who will be shareholders of the firm by September 8.
NIC Managing Director, Samson Akinwale said if the recommended dividend is approved, warrants will be posted by Oct. 11.
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Foris Telecom launches 4G internet
Foris Telecom, a subsidiary of the Israel-based Fore Group Ltd, last week launched an Internet Service Provider (ISP) service operating on the 4G WiMax technology platform and offering wireless only packages starting at 256kbps upwards. Foris has on offer internet packages ranging for home, students and business which target both corporate and SME’s. All payments for the Foris internet are pre-paid using scratch cards of 1GB and 3GB`s. Another innovation the Foris has brought onto the Ugandan market is the E-mail addresses supported by Goggle with a 7GB capacity. The telecom company which started operations in June this year has coverage of 100 sq kilometers and is expanding countrywide. Foris Group has a presence in 15 countries in Asia and Africa and has 300million customers. It is connected onto two physical fibers with terminals in London and Paris.Â
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