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Financial services company UAP Holdings profits for the year ended 31 December 2011 rose by 53 per cent to Sh1.21 billion in 2011 up from Sh790 million achieved in 2010.
Managing director James Muguiyi said new business growth coupled with positive investment performance propelled the group’s performance during the year. The Group’s operations in Kenya, Uganda and South Sudan performed well in a challenging economic environment.
Total revenue growth during the year was 25 per cent with an average growth of 26 per cent over the last four years. The operations in Kenya (UAP Insurance Company and UAP Life Assurance) contributed 71 per cent of the total revenues, whilst UAP Insurance Uganda and UAP Insurance Sudan contributed 20 per cent and 9 per cent respectively.
“Investment income held steady during the year despite a poor performance of the stock market which decreased by over 28 per cent. This positive investment performance was driven by a well thought out strategy on diversification of the investment portfolio across key stable asset classes including properties and fixed income,” a statement said.
Earnings per Share increased by 68 per cent to Sh7.40 per share, from Sh4.40 in 2010, a strong leap in profitability against a backdrop of uncertain economic conditions experienced in 2011.
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