UAP Holdings Limited Profit Hits KeS 2.2 Billion Mark

UAP Holdings Limited reported a profit before tax of KeS 2.2bn for the year to 31st December, 2013. This reflects a 27% increase from KeS 1.7bn achieved in 2012.   UAP Group (http://www.uap-group.com) posted strong financial performance in 2013 driven by profitable growth of its core insurance business and execution of its regional diversification strategy. Speaking during a press briefing, UAP’s Group Managing Director, Mr Dominic Kiarie, said that the impressive results and ongoing performance improvement demonstrated that the Group’s strategy of enhancing performance of its businesses and growth into new markets is continuing to bear positive results. Gross insurance premium revenue grew by 41% to KeS 12.7bn as a result of significant investment in customer experience, product innovation and expanded distribution across the region. General Insurance business grew by 39% and Life Insurance business had a 55% growth to Kes 1.4bn. Investment income grew by 10% on the back of execution of a robust investment strategy.   Total income increased by 35% to 12.7bn due to strong performance by the insurance and property businesses. Property business revenues grew by 30% following the completion of UAP Nakawa Business Park in Kampala, Uganda. Profit before tax increased by 27% to KeS 2.2bn. “This is the highest profit ever reported by UAP, which evidences that our growth and diversification strategy is bearing results. Consequently, the Board will recommend to shareholders the payment of a first and final dividend of KeS 1.70 per share from KeS 1.50 paid in 2012” he added.