IN a continued move to support the government’s efforts of encouraging the use of clean cooking energy, the Oryx Gas Tanzania Ltd yesterday donated 800 gas cylinders and stoves to residents in Morogoro Rural constituency.
The handing over of the donation in collaboration with an MP for the area, Mr Hamisi Taletale, was done at the sideline of the CCM’s regional conference.
The meeting, graced by the party’s national vice chairman (mainland), Mr Abdulrahman Kinana, was attended by different leaders.
Speaking on behalf of the OGTL’s Managing Director Benoit Araman, company’s Head of Bulk Consumer Sales, Mr Richard Sawere said the donation was meant to support efforts by President Samia Suluhu Hassan who envisions that by the year 2030, she wants to see 80 per cent of Tanzanians use clean energy for cooking. Mr Sawere noted that their company donated the gas cylinders and stoves in order to save the environment and protect people’s health from the charcoal and firewood.
“Our wish is to ensure that all Tanzanians abandon the use of firewood and charcoal,” he said.
Initially, when providing education on safe use of gas, Sales Manager Peter Ndomba said the company recognizes the importance of using gas for cooking. “This is a national campaign which President Samia launched with the aim of making many Tanzanians use clean energy for cooking,” Mr Ndomba stated.
He appealed to citizens to ensure they follow instructions on proper use of the gas stoves to prevent fire accidents triggered by the cooking gas.
Source: allafrica.com
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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.
