The Merchant Bank of Central Africa, which says it sticks to principles of openness, integrity and accountability and conducts its affairs with care and in good faith, safeguarding its stakeholders’ interests, had something to smile about last year when its net profit increased six-fold from $2.4 billion to $14.4 billion.
Former conglomerate TA Holdings, which has now been trimmed to focus on insurance, hotels and agro-chemicals, had an excellent year boosted by its associate companies which brought in profits of $18.2 billion.
The high inflation that peaked at 619 percent in November last year before declining to $598 percent in December forced some corporate clients to revise sums insured on major productive assets upwards, thus positively impacting on gross premiums for Zimnat Lion Insurance, the company says in its report for the year ending December.
Though the insurance industry faced many challenges including under-insurance because of the hyperinflationary environment, NicozDiamond still managed to post a net profit of $10.2 billion last year, a drastic improvement from the $1.1 billion it made in 2002.
Pork producer Colcom saw its sales increase by 583 percent to $44.4 billion but it says volumes were down because of constant price increases and dwindling consumer spending power.