bankelele

  • NSSF: apples & oranges

    Posted: March 20, 2008, 4:33 pm by bankelele
    Kenya’s National Social Security Fund finally released their year end results in the newspapers today after many years of pressure by governance experts and regulators. The scheme hopes to convert into a pension fund and states that it plans to hold an AGM soon

    While the statements show improved performance over the last four years (NSSF-K was abused in the 1990’s and forced into bad property investments and lost billions in collapsed banks), how does it compare with NSSF Uganda who released their results last week?

    approximate conversion to US$

    Buildings/property/land
    NSSFK $434 million (35%)
    NSSFU $76 million (13%)

    Government Securities
    NSSFK $115 million (9%)
    NSSFU $289 million (51%)

    Equities
    Uganda list their holdings. – as Uganda Clays , Baroda, Nsimbe, DFCU, Stanbic, Serena, HFCU, Victoria properties. Kenyan one does not list but would include Unilever Tea, Nation media group, HFCK (11%) KCB (8%) British American Tobacco (20%) East African Breweries (8%), EAP cement (27%), and National Bank (48%)
    NSSFK $618 million
    NSSFU $54 million

    Current assets
    NSSFK $50 million
    NSSFU $350 million

    Current Liabilities
    NSSFK $20 million
    NSSFU $11 million

    Members Funds
    NSSFK $1,240 million
    NSSFU $548 million

    Totals assets
    NSSFK $1,240 million
    NSSFU $564 million

    Income:
    NSSFK $61 million
    NSSFU $38 million
    however the Kenyan one include changes in market value of shares in last year, adding another $80m to bring total income to $141m

    Costs
    NSSFK $41 million
    NSSFU $7 million

    Net Gain/Profit
    NSSFK $147 million
    NSSFU $31 million

    Earlier:
    - Under its current format, the ultimate payout will be low from NSSF(K) and the benefits at retirement will not be enough to sustain a majority of retirees
    - Comparison between Stanbic Kenya and Stanbic Uganda.
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