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Resolution Health of Kenya Profit Rises 16% as Revenue Climbs

March 22 (Bloomberg) -- Resolution Health East Africa Ltd., a Kenyan medical insurer that plans to trade its shares on the Nairobi Stock Exchange within four years, said full-year profit grew 16 percent as revenue climbed.

Net income increased to 208 million shillings ($2.4 million) in the 12 months through December from 179.4 million shillings a year earlier, Chief Executive Officer Peter Nduati told reporters today in Nairobi, the capital. Total revenue advanced 15 percent to 1.3 billion shillings, Nduati said.

“Our strong performance in 2010 demonstrates that our focused growth strategy is producing sizeable returns,” he said.

Frankfurt, Germany-based ADC African Development Corp., a company with investments in sub-Saharan Africa, bought 25.1 percent of Resolution for 184 million shillings on Jan. 13. Resolution, which has operations in Tanzania, plans to expand in neighboring Uganda, Rwanda and Southern Sudan, Nduati said in January.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net.

To contact the editor responsible for this story: Paul Richardson at pmrichardson@bloomberg.net.

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