Unguja. Zanzibar continued to charm global visitors after it welcomed nearly 30,000 international visitors in May, marking a 12.7 percent increase from the same period the previous year.
Though visitors wowed by the warmth of the Spice Island came from across the world, it was European tourists who dominated the scene, comprising 57.7 percent of all arrivals.
Among them, Germans led the pack, accounting for 17.5 percent of the visitors, followed by the French at 10.3 percent.
The majority of travelers, about 84 percent of the international visitors flew in directly through the Abeid Amani Karume International Airport, with the remainder opting for sea routes, including a small contingent arriving by cruise ship.
The island’s appeal as a holiday paradise was underscored by a majority of visitors arriving for leisure, while emerging markets such as Poland, India, and Russia showed a robust 23 percent growth.
Despite these figures, the statistics did not include domestic visitors arriving daily via ferries from Dar es Salaam, which further boosts Zanzibar’s bustling tourism scene.
The demographic breakdown in monthly tourism statistical releases revealed a balanced gender ratio, with slightly more male visitors at 50.9 percent.
Accommodation-wise, Zanzibar boasted a substantial capacity of 779,216 bed-spaces, of which around 31.0 percent were occupied during May 2024.
The average stay duration for visitors was eight nights, reflecting a preference for extended vacations on the island’s scenic shores.
As Zanzibar continued to attract a diverse array of travelers, from European vacationers to burgeoning markets further afield, its appeal as a premier destination in East Africa seemed only to strengthen with each passing year.
The island’s rich cultural heritage, pristine beaches, and warm hospitality continued to make it a top choice for travelers seeking both relaxation and adventure.
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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.
