Prof Samuel Sejjaaka, chairman of UAP Old Mutual
UAP Old Mutual Financial Services gathered its shareholders, investors, and stakeholders for its Annual General Meeting (AGM) to look back on the impressive progress made in the past year.
Despite economic challenges, the company demonstrated resilience and smart planning, positioning itself for more growth and success in the financial services sector.
Review
Prof Samuel Sejjaaka, chairman of UAP Old Mutual, talked about how the economy influenced the company’s performance. He said that 2022 was a year of economic ups and downs, with Uganda’s growth rate bouncing back to 4.6 per cent from the previous 3.5 per cent.
Despite disruptions like the Russia-Ukraine crisis which affected global supply chains, high prices for goods, and bad weather, UAP managed to weather the challenges and come out stronger and steered through rising inflation, and weak local currency.
Sejjaaka explained that 2022 had a tougher mid-year period, which led to stricter control of money, with the Central Bank Rate (CBR) going up to 10 per cent by the end of the year.
“In this tough situation, the company managed its money wisely, making sure investors got good returns. Even though the stock market was tough with fewer foreign investors, UAP Old Mutual Financial Services was smart and made progress in handling its investments in stocks. Despite challenges, the company’s performance stayed strong, and its total earnings increased to Shs 39.41 billion for 2022,” said Sejjaaka.
He added that the main trust fund grew by 80 per cent which was a big part of the overall 79 per growth in the fund’s size, which ended the year at Shs 1,098 billion in total assets.
He explained that the company made smart choices by focusing on government investments that paid more than other options. By focusing on longer-term investments, the company made sure its investors got good returns.
The company also took part in the Nairobi Securities Exchange (NSE) with fund returns of 11.63 per cent, 11.07 per cent, and 11.63 per cent for different funds, which were better than expected.
Jovita Babirye, associate director at KPMG, said the financial statements and the different funds were checked and everything was in order.
“We think the financial statements show how things really are, and they follow the rules from the international Financial Reporting Standards and the laws of Uganda,” said Babirye.
John Ggolooba, the chief financial officer said the company will keep being careful with money, managing risks, and coming up with new ideas.
Source: The Observer
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