Jubilee Holdings Limited has declared an interim dividend of Ksh.2 per share.
A total of Ksh.144.95 million has been set aside for shareholders for the half-year ended June 2023.
The underwriter joins the list of a few other listed firms that are making cash distributions to shareholders.
The rise in the interim dividend from Ksh.72.4 million came on the back of gross insurance service revenues rising 11.4 percent to Ksh.9.8 billion.
The interim dividend will be paid on or before October 11, 2023, at the close of business on September 8, 2023.
Jubilee posted a 47.8 percent drop in net profit to Ksh.2.04 billion in half in the review period.
It’s against the backdrop of the adoption of the International Financial Reporting Standard (IFRS) 17 and the absence of the Ksh.1.61 billion one-off gain that was booked in a similar period last year on the disposal of subsidiaries.
“When implementing IFRS 17, Jubilee Holdings has adopted a prudent approach to the new standard to ensure less volatility and sustained profits in the future,” said Jubilee.
IFRS 17, has replaced IFRS 4 which requires a company to measure insurance contracts using updated estimates and assumptions that reflect the timing of cash flows and any uncertainty relating to insurance contracts.