FeaturedEarnings: Britam, The Not so Amazing SCAN, Apples and our Weekly Cowries.

It has been a great run and as the Hisa App team, here’s the latest on what topped our analysts this week, some of these were earnings releases coupled with various global economic data.

Britam Holdings Plc

The insurance company Britam seemed to provide towering results, coming from the abyss of losses that many companies globally had dived into.

Britam posted a profit before tax of Kes 647 Million for the half-year period ended 30th June 2021 compared to a pre-tax loss of KSh 2.3 Billion in the first half of 2020. Despite the positive numbers, shares of Britam remained fairly flat week on week with the company posting a marginal rise of 2.22% in share price activity.

In Numbers

  • The company’s total income posted a 52.2% growth at Kes 19.7 billion backed by an increase in investment income and gains on the company’s financial assets.
  • The company’s total expenses also went up 24.9% to Kes 18.9 billion, attributable to the company’s ongoing restructuring which the company termed as a one-off item.
  • Britam’s gross earned premiums and fund management fees was also up, with a 5.7% growth to Kes 14.9 billion with net earned revenue coming in at Kes 12.0 billion.
  • Net insurance claims, increase in policy holder’s benefits and loss adjustment expenses rose 15.8% to KES 9.4 billion.
    TradingView Chart
    Britam Holdings Plc, one-year technical performance chart.
ThiS-CAN’t Be Amazing.

Eight months after the close of the financial year 2020, WPP scangroup Plc released the much-awaited financial statements. The results were out of range from most analyst estimates, with the company posting a loss of Kes 1.7 billion, down from a profit

Scangroup whose main business is in digital advertising had delayed releasing the financial results after suspending the then CEO Mr Bharat Thakrar and the then CFO Satyabrata Das respectively. The duo later quite the board. Despite these, the financials still failed to indict the two, with the board reinstating the financial statement of the year under review.

In Brief

  • Group revenue declined 22% for FY20 to Kes 2.24 billion from Kes 2.87 billion posted in FY19.
  • Billings for FY20 declined to Kes 6.34 billion from the Kes 9.28 billion posted in FY19.
  • Administrative expenses for the FY20 was up 26% to Kes 3.46 billion.

Coffee Break…Who’s driving? – Apple.

The fruit guys aren’t giving up any soon and look like with tech, all you need to do is think beyond paper and plastic, maybe to the hanging apple fruit above you.

Well, Apple Inc has partnered with eight states in the United States to launch digital driver’s licenses which will be available on the iPhones and Apple Watch devices.

This could be the first step in governments adopting digital identification as a mode for the citizens, a move which will come in handy, as an additional move to countries that are already seeking ways to increase the adoption of cashless deposits.

At the same time, investors and tech enthusiasts are looking forward to Apple’s September event, an annual event held by Apple Inc where the company showcases the latest trends and updates for the company. Most investors are confident that Apple Inc will launch iPhone 13.

What Cowries Are we collecting this week?

  1. Tesla Inc – As Elon Musk is working on humanoids to accompany us to Mars on Teslas, well, Cathie Wood is also taking shape and her fund, Ark Invest is buying more into Tesla and raising the company’s investment outlook at a price valuation of $3,000 per share, a valuation which Elon agrees with.

    Let’s watch how this plays.

  2. Safaricom Plc – Your favourite local telco’s shares are probably having their greatest moments! The company’s subsidiary in Ethiopia on Friday announced that they were setting boots-on-ground and will begin massive recruitment.

    As more hope jumps in for the company to begin operations, our cowry collectors have set up camp to check this, with concerns of the tension in the Northern Tigray region.

  3. Gamestop Corporation – Wall street bets brace yourself for a volatile week, on Wednesday, GME will be releasing their quarterly financials. For the company which was the backbone of the famous wall street bets, investors are definitely up to check the numbers for GME.
This article was originally featured on Hisa App. Click here to follow Hisa

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