Africa Insurance Company S.C. registered a 40 percent earnings per share and a total of 42 Million Birr as gross profit during the 2013/2014 fiscal year. This is according to the Insurance’s unaudited report.

During the 2012/2013 fiscal year, Africa registered 30.7 Million Birr as its gross profit. The company’s performance in the fiscal year that just followed 2012/2013 shows a 35 percent increment.

Currently Africa has floated 30,000 ordinary shares to the public. According to the company’s CEO, Kiros Jiranie, the sale of these shares will be concluded by coming week.

The share sale is in the bid process and expected to attract more competitors to obtain shares in the financial firm.

Kiros commenting on this noted the company is in the process of bid document sales and the competition price will be identified in the coming week.

The current floating of shares is aimed at expanding the number of shareholders and meet the growing capital volume target.

It was only a year ago Africa decided to increase its subscribed capital to 180 Million Birr from 60 Million Birr and it is plans to attain this by next year.

Africa Insurance Company SC is one of the oldest private insurance firms since the free market was introduced.

Source: Capital