Jubilee shares dip as it lines up almost Ksh580 million dividend
|Jubilee chairman Nizar Juma|
Jubilee Holdings Ltd (JUB) shares fell 4.94% in May to close the month at Ksh250. At this price, the stock trades nearly 40% below its 52-week peak of Ksh410.
Jubilee operates in insurance sector. It is the holding company of several insurance businesses operating across East Africa and beyond. Jubilee made a profit of Ksh4 billion on revenue of Ksh32.8 billion in 2019. Although revenue jumped 18% from the previous year, profit dipped about 2.5%.
The insurance group sells both general and life insurance products. The Covid-19 outbreak threatens to hit life insurance providers with soaring compensation claims.
Jubilee has lined up Ksh579.8 million in dividend or Ksh9 per share out of the profit it made last year. The company already paid out an interim dividend of Ksh1 per share and plans to release the additional Ksh8 per share to investors from July 24.