Unguja. Over 200 aviation industry experts from aviation regulatory authorities are gathering in Zanzibar to discuss safety and security in the sector.
The experts are aviation service providers, airport operators, and other key stakeholders in aviation from 10 African countries.
The sixth East African Aviation Transport Forum is expected to kick off today, May 15, until the 16th.
The Minister of Construction, Communications, and Transport, Dr. Khalid Salum Mohamed, said the objective of the forum is to discuss matters concerning air safety, environmental protection, innovation, and technology.
“The member countries will have the opportunity to exchange expertise in aviation and safety issues,” he said.
The forum, organized by the East African Community Civil Aviation Safety and Security Oversight Agency (EAC CASSOA) in collaboration with the Tanzania Civil Aviation Authority (TCAA), bears the theme, ‘The future of air transport, maintaining resilient, sustainable, innovative, and safe air transport systems.’
Participants of the forum are from Uganda, Kenya, Rwanda, South Africa, Somalia, South Sudan, Burundi, Congo, Ethiopia, and the host Tanzania.
Through the meeting, member countries will establish joint plans for investing in aviation infrastructure and services and continue efforts to harmonize laws, regulations, and guidelines governing safety and aviation.
The Chairman of the Board of Directors of the East African Community Civil Aviation Safety and Security Oversight Agency (EAC CASSOA) who also doubles as the Director-General of the Tanzania Civil Aviation Authority (TCAA), Hamza Johari, said it is a great honor for the nation as aviation is rapidly growing on the island.
He said they decided to establish an organization to unite their efforts in member countries to ensure the safety and quality of aviation services in the community’s airspace.
“What we are doing is bringing stakeholders together to discuss these issues to ensure sustainable and safe air transport,” he said.
He said they chose to hold the forum in Zanzibar because it has become a major aviation hub and tourism destination in East Africa.
According to Johari, after the conclusion of the forum, they will leave with a strategic plan, especially after going through the Covid-19 period and its challenges.
“We are looking at the challenges during covid-19, what happened afterward, what challenges we faced, and how to ensure the East African Community does not lag behind in aviation,” he said.
On his part, the Executive Director of EAC CASSOA, Richard Gatete, said the event is significant because they are looking at operations and infrastructure by bringing stakeholders together to ensure safety.
He said during the two days, they will discuss various issues affecting the industry and assess what is happening and what could affect the sector.
“We want to learn from challenges and see how we move forward, so we need to prepare to be united,” he said.
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Britam half-year net profit hits Sh2bn on higher investment income
Insurer and financial services provider Britam posted a 22.5 percent jump in net earnings for the half-year ended June 2024, to Sh2 billion, buoyed by increased investment income.
The rise in half-year net profit from Sh1.64 billion posted in a similar period last year came on the back of net investment income rising 2.5 times to Sh13.27 billion from Sh5.3 billion.
“We are confident in the growth and performance trend that Britam has achieved, supported by its subsidiaries in Kenya and the region. Our business is expanding its revenue base while effectively managing costs,” Britam Chief Executive Officer Tom Gitogo said.
“Our customer-centric approach is fueling growth in our customer base and product uptake, particularly through micro-insurance, partnerships, and digital channels.”
The investment income growth was fueled by interest and dividend income rising 34 percent to Sh9.1 billion, which the insurer attributed to growth in revenue and the gains from the realignment of the group’s investment portfolio.
Britam also booked a Sh3.79 billion gain on financial assets at a fair value, compared with a Sh1.8 billion loss posted in a similar period last year.
The increased investment income helped offset the 12.7 percent decline in net insurance service result to Sh2.13 billion in the wake of claims paid out rising at a faster pace than that of premiums received.
Britam said insurance revenue, which is money from written premiums, increased to Sh17.8 billion from Sh16.6 billion, primarily driven by growth in the Kenya insurance business and regional general insurance businesses, which contributed 30 percent of the revenue.
The group has a presence in seven countries in Africa namely Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.
Britam’s insurance service expense hit Sh13.6 billion from Sh11.3 billion, while net insurance finance expenses rose 2.6 times to Sh12.3 billion during the same period.
“Net insurance finance expenses increased mainly due to growth in interest cost for the deposit administration business driven by better investment performance. This has also been impacted by a decline in the yield curve, which has led to an increase in the insurance contract liabilities. The increase has been offset by a matching increase in fair value gain on assets,” said Britam.
Britam’s growth in profit is in line with that of other Nairobi Securities Exchange-listed insurers, which have seen a rise in profits.
Jubilee Holdings net profit in the six months increased by 22.7 percent to Sh2.5 billion on increased income from insurance, helping the insurer maintain Sh2 per share interim dividend.
CIC Insurance Group posted a 0.64 percent rise in net profit to Sh709.99 million in the same period as net earnings of Liberty Kenya nearly tripled to Sh632 million from Sh213 million, while Sanlam Kenya emerged from a loss to post a Sh282.2 million net profit.
