Jubilee Holdings shareholders have held a virtual 2021 Annual General Meeting (AGM) in Nairobi, and confirmed the payment of the final dividend of Ksh 8.00 per share as recommended by the Board.
This brings to Kes.9.00 the total dividend per share and payment of Ksh. 652.3Million as total dividend for the year. The 2020 final dividend will be paid on July 26th, 2021 to shareholders registered as at May 26th, 2021.
In a statement, Jubilee Holdings said the payout comes despite operating in a challenging environment characterized by the effects of COVID-19 and related lockdowns, as it demonstrated resilience to earn a profit before tax of Ksh. 5.08 billion for the financial period ended 31st December 2020, an increase of Ksh. 70 million compared to 2019. The Group’s total assets increased by 12.1% to Ksh. 145.86 billion from Ksh. 130.08 billion and total shareholders’ equity and reserves increased 15.8% from Ksh. 28.25 billion to Ksh. 32.72 billion, due to an increase in retained earnings and reserves.
Speaking at the AGM, Jubilee Holdings Limited Group Chairman, Nizar Juma noted that JHL continues to make innovative changes to products to meet the changing and new customer expectations.
“We are now offering medical and wellness products that range from microinsurance to those suitable for seniors and for all ages and income levels in-between. Many of these products can now be purchased directly and easily from our website, and the Group will continue to add more products and other customer service features to the digital platform to make it easier for customers to interact with the insurance subsidiaries, ” Juma said.
“Our solid financial standing backed by a robust balance sheet and strong profit and cashflow generation over the years has enabled Jubilee Holdings Limited to not only pursue growth initiatives such as collaborations but has also paved the way for accelerated and prudent capital deployment measures for sustained growth. We are keen to continue with this trajectory with an eye to sustainable growth and enhanced customer service” Juma added.
Jubilee Holdings Limited shareholders also approved an amendment of the Company’s Articles of Association to allow the Company to buy back its own shares in the future in accordance with the provisions of the Companies Act 2015 and
guidelines that are currently under development by the Capital Markets Authority.