logo

ATIDI's profits more than double despite volatile economies

The company posted a 205 per cent increase in profits to Sh8.9billion.

image
by JACKTONE LAWI

Business02 July 2024 - 16:01

In Summary


  • •In the period under review, the company defied a challenging global and regional economic landscape, to grow its insurance revenue grew by 14 per cent to $155.7 million (Sh20billion).
  • •Additionally, he emphasized their commitment to enhancing partnerships, streamlining operations, and expanding their presence to advance Africa’s economic development.
President of the Republic of Zambia, Hakainde Hichilema during the opening session of ATIDI's 24th Annual General Meetings.

African Trade and Investment Development Insurance (ATIDI) has posted a 205 per cent increase in profits to $69.1 million (Sh8.9billion) for the fiscal year ending December 2023.

In the period under review, the company defied a challenging global and regional economic landscape, to grow its insurance revenue by 14 per cent to $155.7 million (Sh20billion).

Total assets surged by 27 per cent, reaching $837.1 million (Sh107.7 billion), and equity expanded by 25 per cent to $699.3 million (Sh86.1 billion).

Chief executive Manuel Moses said that the figures underscore ATIDI's robust performance amidst economic uncertainties and geopolitical tensions.

“We are happy to report that 2023 has been the best financial performance in ATIDI’s history.  This performance is all the more outstanding given our operating environment, which is marked by uncertainties, slow global economic recovery, tight financial conditions and geopolitical tensions,” said Manuel.

 “It is a testament to the soundness of our business fundamentals and strategy, our resilience and the quality of the risk-mitigating solutions we provide and lays a solid foundation for more rewarding years ahead.”

He said they will continue to collaborate closely with member states, including Kenya, to maintain their 'Preferred Creditor Status', facilitating the attraction of crucial and cost-effective development finance.

Additionally, he emphasised their commitment to enhancing partnerships, streamlining operations, and expanding their presence to advance Africa’s economic development.

Moses also outlined ATIDI’s strategic goals for 2023–2027, emphasising governance optimisation and the implementation of a new climate policy, to address climate change challenges sustainably.

In 2023, ATIDI pursued the implementation of its ambitious corporate strategic plan for the 2023 – 2027 period, which is geared at optimising the organisation’s governance processes and performance to strengthen its developmental impact.

The organisation notably put in place its new climate policy to complement its Environmental, Social and Governance (ESG) framework and help sustainably address the increasingly pressing challenge of climate change.  

The multilateral development insurer also rolled out its new brand and grew its footprint in 2023.

During the year, Angola and Mali became Member States in the organisation, while Japan’s Export Credit Agency, the Nippon Export and Investment Insurance (NEXI), joined as an institutional shareholder.

More recently, in early 2024, Burkina Faso and Chad became the latest to join the organisation.

The dynamic membership drive has been supported by ATIDI’s strategic partners, notably the African Development Bank (AfDB), the European Investment Bank (EIB) and KfW Development Bank.

It also highlights the organization’s solid bond with regional bodies, namely the African Union, COMESA, ECOWAS and the West African Development Bank (BOAD).


logo© The Star 2024. All rights reserved