As the sun rises over Pemba island in Tanzania, Shajia and other seaweed farmers head towards the water to harvest their seaweed at low tide.
When Shajia first started farming seaweed in 1995, she did it largely along the shore. In the decades since, conditions have changed.
“Due to the high temperatures caused by climate change, the seaweed was not doing well on the shores,” she explains. “We were forced to go deeper into the ocean.”
The IFAD-supported LDFS project is helping Shajia adapt to the new normal. As well as receiving equipment, she’s learned how to grow seaweed along ropes. This ensures a plentiful harvest that is easier to gather and is protected from the tides.
Processing the precious produce
At midday, the boats return to shore, laden with their glistening produce. The seaweed is then sorted and spread out on drying racks at the local collection centre.
The dried seaweed is then exported for use in medicines and processing into carrageenan, a gelling substance that is used in everything from shampoo to soy milk. With government plans to establish a processing plant on Pemba, farmers will soon be able to move up the value chain and get higher profits for their produce.
Beauty business
Twenty-six-year-old Saumu has been farming seaweed on her underwater plot for two years. After receiving training and equipment through LDFS, she increased her yield to 290 kilos. She uses her earnings to pay for her children’s education and to purchase iron sheeting to build a new home.
Saumu is also part of a collective of young women who produce a rich seaweed skincare oil. While they currently use imported powdered seaweed, they plan to purchase equipment to process Pemba-grown seaweed into powder themselves.
Saumu is a role model for other young women. “We need to take advantage of the opportunities in front of us, like the seaweed farming, which can benefit us and our families.”
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For centuries, the islands off the east African coast have been part of a vast oceanic network spanning the Indian Ocean, with sailors following the trade winds all the way to southeast Asia. Today, rural people in the region are sustainably harvesting the ocean’s bounty before it sets out across the world.
Source: allafrica.com
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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.
