Sauti za Busara Festival Signs Up New Zanzibar Investor
“Busara Promotions is delighted to announce its core operational expenses for the next three years will largely be covered by CPS, and by that, Fumba Town is becoming the main festival partner and sponsor.” Yusuf Mahmoud, CEO and Festival Director of Sauti za Busara said on Monday.
He added that Sauti za Busara would not be possible without partners and sponsors such as CPS, the company developing Fumba Town, Zanzibar.
This new partnership will ensure that the internationally renowned Festival will carry on its journey and continue to attract thousands of visitors to Zanzibar.
The Norwegian Embassy previously supported the Festival from 2009 until March 2022. When this and other sponsors such as Pennyroyal withdrew, the widely acclaimed African Festival was in danger of being discontinued.
The 2023 festival will be Sauti za Busara’s 20th-Anniversary edition as they celebrate African music under African stars.
Apart from 2016, the music event held at the historic Old Fort in Unesco-protected Stone Town has never failed to be held, even during two years of the coronavirus crisis. It attracts up to 20,000 visitors over three to four days – a major booster for Zanzibar tourism for two decades.
“The festival has been a vital part of Zanzibar’s culture, it brings together people from all walks of life, promoting strong, peaceful and resilient communities. This is what we stand for at Fumba Town and CPS, and therefore we are grateful to be able to contribute our part. The private sector must take responsibility to support initiatives like this,” said Tobias Dietzold, Chief Commercial Officer of CPS
He added:We are committed to keeping the Sauti za Busara festival robust and dynamic for the next few years as we enjoy our rich and diverse cultural heritage through live music.
He also said that it is their hope that through this partnership they will ensure that, at the minimum, the next three Busara festivals and the culture surrounding them continue to thrive.
On his part, the Minister for Tourism and Heritage for Zanzibar, Hon. Simai Mohammed Said lauded both Sauti za Busara and Fumba Town for coming together to support the growth of tourism in the isles.
“The Festival has, over the last 20 years, become one of the major attractions for visitors in our annual events calendar. We urge all government agencies and leaders, businesses, private and corporate donors to follow CPS’ positive example to invest in celebrations of our arts and cultural heritage, which offer unique and unforgettable experiences for visitors to the region,” the Minister of Tourism noted. “
The 20th-anniversary edition of Sauti za Busara will take place from 10th to 12th February 2023. With its theme being Tofauti Zetu, Utajiri Wetu (Diversity is Our Wealth).
The Festival will reach out to a diverse crowd and feature live music performances from Zanzibar, Tanzania, DRC, South Africa, Zimbabwe, Nigeria, Ghana, Senegal, Egypt, Sudan, Ethiopia, Mayotte and Reunion. It is usually embedded among training workshops, networking and cultural events throughout Stone Town.
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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.
