Afriprise upholds similar dividend as profit rises slightly

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DAR ES SALAAM: AFRIPRISE Investment profit has minutely increased by 1.0 per cent, attributing the trend to improved capital market conditions and gains from the sale of treasury securities.

The financial results of the listed firm, which is an investment wing of Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA), show that the net profit increased to 1.97bn/- last December from 1.95bn/- in 2022.

“The company experienced a 3.0 per cent overall increase in income and a 1.0 per cent increase in profit after tax

“This growth is attributed to improved capital market conditions leading to higher dividend and interest income…and form disposal of listed shares,” the statement said.

However, earnings per share decreased to 24/- last year from 25/- in the prior year due to the issuance of additional shares in 2023.

Additionally, the company’s investment in government securities has grown significantly by 10.6 per cent, reaching 15.03bn/- until the end of last year up from 13.58bn/- recorded in the prior year.

Furthermore, the company’s total assets, according to the report, grew by 41 per cent to 49.99bn/- recorded last December from 35.21bn/- posted in 2022.

As a result, the company’s share capital improved by almost six times, soaring to 12.74bn/- at the end of December, last year from 2.16bn/- registered in a similar period of the preceding year

Additionally, the Dar es Salaam-based “This growth is attributed to improved capital market conditions leading to higher dividend and interest income…and form disposal of listed shares,” the statement said.

this diversification included expanding equity investments aiming to capitalise on opportunities in the broader East African region.

Despite the profit registered, the firm dividend payout remains unchanged for last year at 13/- per share similar to the amount paid in 2022.

The same dividend payment is attributed to the modest improvement in the company’s overall profit in 2023.

Last month, TCCIA Investment Public Limited Company changed its name to Afriprise Investment to cope up with the unfolding market trends and emerging business opportunities.