UAP Holdings announced 27 per cent growth in pre-tax profit for the year

By James Anyanzwa

Nairobi, Kenya: UAP Holdings has announced 27 per cent growth in pre-tax profit for the year ended December 31.

The group’s profit before tax grew to Sh2.21 billion from Sh1.74 billion in the previous year.

Managing director Dominic Kiarie attributed the improved performance to innovation, expanded product offering and diversified business lines. “The impressive results and performance improvement demonstrates the Group’s strategy of enhancing its business and growth into new markets is continuing to bear positive results,” Kiarie told a media briefing in Nairobi, on Friday.

According to the firm’s audited financial statements total income grew 34 per cent to Sh12.74 billion from Sh9.49 billion in the previous year. Gross insurance premium revenue grew 41 per cent to Sh12.73 billion from Sh9.05 billion while investment income surged 10 per cent to Sh2.86 billion from Sh2.6 billion in a similar period.

Net premium earned rose 38 per cent to Sh9.01 billion from Sh6.53 billion.

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