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Kenya Power Withdraws Bid to Increase Electricity Bills by 20%

Kenya Power has withdrawn an application to increase bills by up to a fifth, shifting its focus to lowering costs, curbing electricity theft and recovery of unpaid bills amounting to over Kes 27 billion. Energy Cabinet Secretary Charles Keter Wednesday says the firm has recalled the application that was submitted to the Energy and Petroleum Regulatory Authority (EPRA) in 2019. In the application, the firm had sought to increase the consumption charge for usage of...

Vodacom to Buy More Stake in Safaricom Telecommunications Ethiopia

Vodacom Group has signed a deal that could see it buy an additional 10.9 per cent stake in Safaricom Telecommunications Ethiopia from the UK’s sovereign wealth fund CDC Group at a cost of $1.74 billion (Kes 191.2 billion) in the coming years. “As part of the transaction agreements, Vodacom has granted a put option on the shares held by the CDC Group in the holding company to facilitate CDC Group’s potential exit in the investment....

BOC Appoints Joseph Ramashala as Non-Executive Director

The BOC Kenya Board has appointed Joseph Ramashala the Non-Executive Director with effect from 13 September 2021. This comes after the resignation of  Marius Kruger as a Non-Executive Director who was appointed a Non-Executive Director of BOC Kenya in August 2013 and was a Member of the Audit & Risk and the Nominations and Corporate Governance Committees. Marius Kruger has a wealth of experience in general management, financial audits and advisory services, business planning, financial and management...

ICEA LION Appoints Philip Lopokoiyit as CEO as Paul Muthaura Steps Down

The board of ICEA LION General Insurance Company Limited has appointed Mr Philip Lopokoiyit as the new Chief Executive Officer and Principal Officer of the company effective 20th September 2021 following regulatory approval. The appointment follows the stepping down of Mr Paul Muthaura in line with medical advice so as to completely recover following an accident early in the year. The board however has expressed gratitude for the contribution he has made during his tenure...

Longhorn Publishers Posts a Profit of Kes 7.48 Million in 1H2021

Longhorn Publishers has reported a profit after tax of kes 7.48 million for the first six months ended 30th June 2021 a significant improvement from the loss of Kes 225 million that was recorded during the previous year. Revenue for the period recorded a 16% increase to Kes 1.244 billion attributed to the business model, strong brand, agile employees and ability to adapt to a changing operating environment. The publisher reported that Kenya recorded an...

Ministry Optimistic Over Kenya Power’s Profitability

Kenya Power, the electricity distributor company is back to profitability according to its parent Ministry. Chief Administrative Secretary (CAS) in the Ministry of Energy Zachary Ayieko says the company will post a profit for the year ended June 2021 on the back of concerted efforts to improve its operations. “We are going to make a profit and the turnaround results can now be seen. We hope this performance can be sustained. What we are noting...

AFDB Approves $50 Million Trade Finance Risk With Standard Chartered Bank

The African Development Bank Group (AfDB) board has approved a $50 million Trade Finance Unfunded Risk Participation Agreement (RPA) facility with Standard Chartered Bank. The agreement is expected to boost intra-Africa trade, promote regional integration, and contribute to the reduction of the trade finance gap in Africa, in line with implementation aspirations of the African Continental Free Trade Area (AfCFTA). Under the deal, the two will share the default risk on a portfolio of eligible...

KenGen Gets Nod to Sell 4 Million Tonnes of Carbon Credits

The Kenya Electricity Generating Company PLC (KenGen) has been cleared to sell an equivalent of 4.6 million tonnes of carbon emissions earned over the last 18 months. This follows the finalization of the verification of the issuance of a cumulative 4,617,309 tonnes of Carbon Emissions to six KenGen projects by the United Nations Framework Convention on Climate Change (UNFCCC). This decision was arrived at after the issuance of the latest 2,025,813 tonnes of Carbon Emission Reductions to...

Stanbic Holdings Appoints Ms Wambui Kihuha-Mbesa as Board Director

Stanbic Holdings Plc Board of Directors has appointed Ms Wambui Kihuha-Mbesa as an Independent Non-Executive Director on the Board, with effect from 8th September 2021. Wambui Kihuha-Mbesa is a seasoned technology industry executive and entrepreneur with over 20 years of experience. Currently, she works as the Chief Executive Officer of INTRASOFT International East Africa. She has previously been at the helm of several multinationals and possesses diverse board experience. Her expertise will bolster digital and entrepreneurship skills...

Home Afrika Appoints Nelson Ashitiva as Non-Executive Director

The Board of Directors of Home Afrika Limited has appointed Mr Nelson Ashitiva as a Non-Executive Director of Home Afrika with effect from 1st September 2021. Nelson Ashitiva is a lawyer, business leader and corporate governance expert with more than 15 years of experience. He leads three business advisory firms in the sector of law, energy and structured finance. His expertise includes mergers & acquisitions, capital markets, corporate/ commercial transactions and investments in each of...

WPP Scangroup Shares Rally Despite Delay in Publication of Half Year Results

WPP Scangroup’s share price gained 54.4% at the Nairobi Securities Exchange, four days after publishing its delayed 2020 results. The stock is currently trading at Kes 5.56, rising from Kes 3.6 recorded the last week on Tuesday. The rally started on Wednesday when Scangroup published its financial statements for the year ended December, which showed the Marketing and communication company reported a 22% loss in the group revenue for the year 2020  from continuing operations...

Unga Group Appoints Joseph Malel Choge as Managing Director

Unga Group has announced the appointment of Mr Joseph Malel Choge as the incoming managing director of the group following the retirement of Mr Nicholas Hutchison effective 31st December 2021. Joseph Choge is a senior executive with years of experience within manufacturing, telecoms, banking, insurance and Finance. Joseph has graduated from the University of Nairobi with a degree in mathematics and later on a Master’s degree in International Management. Previously, Joseph Choge served as Chief...

Safaricom Telecommunications Ethiopia PLC Gears Up for Commercial Launch

Safaricom Telecommunications Ethiopia PLC (Safaricom Ethiopia) announced a countrywide staff recruitment drive and introduced its leadership team as it affirmed its commitment to investing in Ethiopia’s digital future ahead of its commercial launch. “The Global Partnership for Ethiopia is proud to be investing in Ethiopia and thanks the Government of Ethiopia and other key partners for their support in the initial preparations for commercial launch. Such partnerships are the building blocks of digital transformation, and...

EABL Launches Inaugural Sustainability Report

East African Breweries Limited (EABL) has launched its inaugural Environmental, Social and Governance report to society. The report provides an overview of the processes and mechanisms EABL has put in place to support communities and do business the right way, detailing the direct impact their sustainability work has on its various stakeholders. Speaking during the virtual event where the report was launched, PS Kiptoo urged companies to continue supporting and embracing the global agenda for...

National Treasury Grants CMA Power to Oversee Investment Funds in Bid to Fight Fraud

The National Treasury has given the Capital Markets Authority (CMA) powers to oversee all investment funds formally solicited from the public. In the new regulations published by the treasury, they said the move is a bid to rein in fraudulent and unregulated schemes where unsuspecting Kenyans lose billions of shillings. The regulator attributed this grey area to a proliferation of private entities, some of which ended up defrauding Kenyans of billions of shillings as currently,...

NBV Reports a Profit of Kes 32 Million for the Period Ended 31st March 2021

Nairobi Business Ventures (NBV) has reported a rise in the net profit for the period that ended 31st March 2021 to Kes 32.9 million from a net loss of Kes 39.4 million recorded during a similar period last year. The company achieved sharp growth in profit after restarting its trading business during the year. NBV posted KSh45.4 million in revenue at the end of March this year, compared to zero revenue a year ago when...

WPP Scangroup Reports a Loss of Kes 1.732 Billion During the Financial Year 2020.

WPP Scangroup company has released its financial results for the financial year ended 31st December 2020 after a three-month- delay which was occasioned by the firm’s investigations against its former Chief Executive Officer Bharat Thakrar and the former Chief Finance Officer Satyabrata Das over gross misconduct. The Marketing and communication company reported a 22% loss in the group revenue for the year 2020  from continuing operations to Kes 2.239 Billion from Kes 2.872 Billion reported...

Britam Holdings Posts a Profit of Kes 376.3 million in 1H2021 Following NSE Rally

Britam Holdings has posted Kes 376.3 million net profit in six months to June, marking a recovery from the  Kes 1.63 billion net loss posted in a similar period last year. The return into profits was attributed to growth in investment income and a rise in the value of shares at the Nairobi Securities Exchange (NSE). Net revenue in the financial services company rose 2.4 % to Kes 11.97 billion during the half-year period from...

IM Bank Posts a 29% Rise in half year Profits to Kes 4.25 Billion.

I&M bank booked a 29% rise in its half-year profit to hit Kes 4.25 billion during the six months period ended 30th June 2021 from a lower Kes 3.19 billion recorded during the same period last year. The performance was largely attributed to higher operating income in the six months, which helped offset greater costs in the period. The group’s total operating income increased by 15.3 % to Kes 12.8 billion during the half-year period...

NCBA Records a 77% Jump in Profit to Kes 4.6 Billion in 1H2021

NCBA Bank has posted a 77 % rise in half-year profit to Kes 4.66 billion during the half-year period ended 30th June 2021 compared to Kes 2.6 billion recorded during the same period in  2020. The group attributed the strong financial performance to the steadily improving economic environment and early outcomes of the Group’s focus on its strategic initiatives anchored on customer experience. “We have made a concerted effort to reduce the risk in our...

Standard Group Posts a Revenue of Kes 1.6 Billion in 1H2021

Standard Group’s performance for the 6 months period ended 30 June 2021 showed improvement with a 14% revenue increase to close at Kes. 1.6 billion compared to Kes. 1.4 billion for the same period in 2020. The media house attributed the performance to the improved operating environment with key clients gradually increasing their advertising budgets, while recently launched products have continued to increase their revenue growth. The Group’s result after tax significantly improved, closing at...

Jubilee Holdings Posts a 150% Rise in Profit to Kes 4.5 Billion, Following Allianz Acquisition

Jubilee Holdings has posted a profit before tax of Kes 4.5 billion for the half-year ended June 30, a 150 % jump compared to Kes 1.8 billion reported same period last year. The notable rise was pegged to the sale of a 66 % stake in its former subsidiary Jubilee General Insurance Limited to Munich-based multinational Allianz. “Our outstanding financial results in the first half of the year is evidence of the tremendous progress we’re...

Bamburi Cement Post a 7.6% Growth in Profit to Kes 776 million in 1H2021

Bamburi Cement Group has posted a Kes 776 million profit for the half-year ended 30th 2021, a 7.6 % growth compared to the Kes 721 million profit recorded in a similar period last year. The cement maker attributes the growth to the recovery of the cement market against a depressing first half of 2020, impacted adversely by the COVID-19 containment measures introduced at the onset of the pandemic. Pretax Profit grew significantly to Kes 1.1...

ABSA Bank Kenya Reports 846% Rise in Profit to Kes 5.6 Billion

Absa Bank Kenya Plc has reported its financial results for the first six month period ended 30th June 2021, outperforming its peers to post 846% growth in Profit After Tax to Kes 5.6 billion compared to Kes 0.6 Billion in the same in 2020. The impressive performance was mainly driven by growth in interest income, particularly in the small and medium enterprises segment, as the Bank accelerated its efforts in supporting businesses to recover from...

Diamond Trust Bank Posts a 20.1% Rise in Profits to Kes 3.2 billion in 1H2021

Diamond Trust Bank Kenya Ltd (DTK) has reported a 20.1% increase in Profit after tax to Kes 3.2 billion during the six months period ended 30th June 2021 compared to a profit of Kes 2.62 billion recorded during the same period in 2020. Profit before tax stood at Kes 4.9 Billion during the six months period, an 8.8% rise compared to Kes 4.48 billion recorded in 2020. The lender attributed the performance to the gradual...

Market Report; 24 August 2021

At the end of today’s trading session on the Nairobi Securities Exchange. A total of 7,475,200 shares in 1,174 deals, corresponding to a market value of KES 300,217,368.00, were traded. Compared with the previous NSE trading day (Monday, August 23), today’s data shows 64% decline in volume, 54% decline in turnover, and 2% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.86 trillion. In the aggregate, 47 NSE equities...

StanChart Posts a 50% Rise in Profits to Kes 4.8 Billion in 1H2021

Standard Chartered Bank Kenya(StanChart) has reported a 50.9 % growth in net profit in the half-year period ended 30th June 2021. The performance was attributed to lower operating expenses reported in the group and higher non-interest income. The lender reported net earnings of Kes 4.8 billion in the half-year period compared to Kes 3.2 billion a year reported during the same period in 2020. Net loans to customers declined to Kes 130.3 Billion in H1,...

KCB Group Doubles Half Year Profits at Kes 15.3 Billion

KCB Group Plc has posted a strong performance in the first half of the year, driven by improved economic activity, robust revenues, and lower provisions charge. Profit after tax doubled to Kes.15.3 billion from Kes. 7.6 billion a year ago amid the effects of the ongoing COVID-19 pandemic. Revenues increased by 14% on account of higher interest income driven by an increase in earning assets and a lower cost of funding. KCB Group Key Financial...

TotalEnergies Post Kes 1.7 Billion Net Profit in 1H2021

TotalEnergies Kenya has reported a 50% increase in the half-year profit to Kes 1.7 billion for the period ended 30th June 2021 from Kes1.1 billion reported at the end of the first half of 2020. TotalEnergies attributed the good performance to the economic recovery witnessed in Kenya in the first half of this year, with the country gradually opening up. The company also reported an increase in sales revenue, diversified its revenue streams, and controlled...

Co-operative Bank Posts Kes 7.4 Billion Net Profit in Half Year Earnings

Co-operative Bank has reported a net profit of Kes 7.4 billion for the half-year period ended 30th June 2021, a 2.3% increase from the Kes 7.2 billion posted during the same period last year. The growth was attributed to growth in interest and non-interest income. The increase came on the back of total operating income—made up of interest income and non-interest income—which increased by 20 %  to Kes 29.2 billion during the first six months...

Equity Group Holdings Records 98% Growth in Profit to Kes 17.9 Billion in H12021

Equity Group Holdings Plc has recorded 98% growth in its profit after tax to Kes 17.9 Billion in H1, 2021 compared to Kes 9.1 Billion posted during the same period last year, defying the effects of the COVID-19 pandemic on the economy. Equity attributed the performance to significant growth in customer deposits, which pushed its balance sheet size to Kes 1.1 Trillion in H1, 2021, a 51% growth from KSh 746.5 Billion in H1, 2020. ”...

Limuru Tea Posts 8% Decline in Revenue to Kes 47 Million HY2021

Limuru Tea recorded total revenue of  Kes 47 million in the period ended 30th June 2021, an 8% decline as compared to Kes 51 million realised during the same period of 2020. The decline was attributed to lower production volumes and declining market prices. In the first half of 2021, the company reported they produced 1,901 Tons of green leaf, which in turn was manufactured into 433 Tons of black tea. This was a 6%...

Stanbic Posts 34.6% Growth in Half Year Profit to Kes 3.5 Billion

Stanbic Holdings has recorded a 34.6 % rise in earnings through the first six months of the year, posting a profit of Kes.3.5 billion from Kes.2.6 billion recorded last year. The lender attributed the performance to improved operating income and lower costs. Stanbic Holdings recorded a decline in deposits from other banks and customers to Kes 259.9 Billion in the period ended 31st June 2021 compared to Kes 287 Billion recorded during the same period last...

I&M Bank Receives $50 Million IFC Loan to Support SMEs in Kenya

The International Finance Corporation (IFC) has partnered with FMO, a Dutch development bank, to assist small businesses in Kenya by providing funds for working capital, expansion, and to weather the COVID-19 crisis. IFC contributed $30 million and FMO contributed $20 million to the I&M loan. The funds will boost I&M’s capital position and enable the bank to lend to small and medium-sized enterprises in the manufacturing, trade, and construction sectors. According to information on the IFC website,...

More Pain for Consumers as KRA Adjusts Inflation on Specific Rates of Excise Duty 2021

Kenyans are set to pay more for bottled water, fuel, beer and juice starting October after the Kenya Revenue Authority (KRA) raised the excise duty rates on dozens of commodities in line with the rise in inflation recorded during the past year. “Kenya Revenue Authority would therefore like to inform manufacturers and importers of excisable goods falling under the specific rate category and members of the public that the Commissioner-General will adjust the rates of Excise...

CIC Insurance Records Kes 259 million profit in HY2021

CIC Insurance has reported a Kes 260 million net profit for the half-year period that ended on 30th June 2021, a reversal from a net loss of Kes 335.5 million reported during the same period in 2020. The improvement was attributed to the improved performance in the underwriting business and higher investment income. The company’s gross written premiums increased by 16% to Kes 10.8 billion from Kes 9.3 billion a year earlier. Its investment income...

Kakuzi Establishes 1st Independent Human Rights Advisory Committee in Kenya.

Local agri-business firm Kakuzi PLC has announced the appointment of an Independent Human Rights Advisory Committee (IHRAC) to be chaired by former Attorney General Prof Githu Muigai. With the appointment of the committee to its Board, Kakuzi PLC becomes the first corporate organization in Sub Sahara Africa to constitute and establish such an independent advisory panel benchmarked against the United Nations Guiding Principles on Business and Human Rights. In appointing the IHRAC, Kakuzi joins a...

Kenya Re’s Half-Year Profit Drops by 66% to Kes 533.7 Million

Reinsurance company Kenya Re posted a 66% decline in half-year profit for the period that ended on 30th June 2021 despite a 6% growth in gross written premiums. The company’s annual net profit dropped to Kes533.7 million on 30th June this year, from Kes1.57 billion in June last year, as claims and benefits, and other expenses grew sharply during the period under review. Its gross written premiums rose to Kes9.6 billion on 30th June 2021 from...

Rosemary Oduor Appointed as Kenya Power’s Acting CEO as Benard Ngugi Resigns

The Kenya Power Board of Directors has appointed Rosemary Oduor as the acting managing director and chief executive officer of the utility firm with immediate effect. The appointment which is effective August 3, 2021, follows the resignation of Bernard Ngugi who has been with the firm for 32 years prior to his appointment as chief executive of the company two years ago. “On behalf of the Board of Directors, I take this opportunity to thank...

Sameer Africa Reports KSh154 Million Half-Year Profit

Sameer Africa’s half-year net profit for the period that ended on 30th June jumped to KSh154 million from a net loss of KSh59 million in the same period in 2020. The company’s primary business is the importation and sale of tyres. It re-entered the tyre business in Kenya in February this year after a nine-month break, due to sustained demand for Yana Tyres. Sameer’s half-year revenue from the tyre business, real estate business, and agribusiness...

Home Afrika Cuts Net Losses by 62% to Kes 340.3 Million

Home Afrika Group reported a 62% decrease in Loss After Tax of Kes 340.3 Million for the period ended 31st December in 2020, down from a Net Loss of Kes Kes 888.8 Million in 2019. The Group reported a 1,3445 increase in its gross profit for the year ending 31st December 2020 compared to the same period in 2019, from Kes 3.6 Million to Kes 52.4 Million. Home Afrika financials Home Afrika Group operating loss reduced...

EABL Reports a 1% Drop in Profit to Kes 6.96 Billion, Citing Tough Operating Environment

East African Breweries Limited (EABL) has posted a profit after tax of  Kes 6.96 billion for the period ended 30th June 2021, a 1% drop compared to the Kes 7.02 Billion recorded last year. The group highlighted the tough operating environment caused by the prevailing COVID-19 pandemic in East Africa that has seen countries put in place measures to fight the pandemic, resulting in a decline in disposable income. The rising inflation rate coupled with...

Uchumi Shares Suspended from Trading in Uganda’s Stock Market

The Uganda Securities Exchange (USE) has suspended trading in Uchumi Supermarket shares, citing failure to observe listing obligations. In a notice by the bourse, USE said trading in the Kenyan-based cross-listed company would remain suspended until it fulfils the requirements of a listed public company. However, USE did not give details of specific obligations. Still, it highlighted continued failure to comply with the listing responsibilities such as publishing financial results, paying fees and penalties prescribed...

Eaagads Limited Records Profit of Kes 4.7 million in Q12021

Coffee farm Eaagads Limited has reported a profit before tax of Kes 4.7 million during the financial period ended 31st March 2021 compared to the loss before tax of Kes 77 million recorded during the previous financial year. The company attributed the performance to increased production as they reported they produced 233 tonnes of coffee compared with 114 tonnes produced last year. The increase in production is a result of the favourable weather experienced in...

ILAM Fahari I-Reit Records a 51% Decline in Profits in H12021

ILAM Fahari I-Reit, a real estate investment trust, has posted a net profit of Kes 42.2 million in the half-year period that ended on 30th June 2021, a 51% decline from the Kes 86 million reported in the same period last year. The company attributed the decline to the steep drop to a loss of revenue from the anchor tenant at Greenspan Mall after the exit of the troubled Tuskys Supermarket. ILAM’s rental and related...

Sameer Africa Turns to Shedding of Jobs and Sale of Property to Remain Profitable

Sameer Africa Plc has shed 107 jobs and put up an undisclosed property for sale to ease its biting cashflow constraints and return to profitability. The regional tyre distributor revealed through its 2020 annual report that it declared 107 positions redundant comprising management staff (75) and unionisable employees (32), translating to over Ksh245 million ($2.28 million) in staff cost savings during the year (2020). According to the report, the firm also intends to focus on...

Unga Group to Sell Ennsvalley Bakery to BigCold Kenya in Move to Cut Cost

Unga Group PLC  is set to exit the baking business for the second time with the sale of Ennsvalley Bakery to a logistics company as a move to cut costs and improve efficiency, just a decade after it acquired it. The Nairobi Exchange-listed company had in the 1990s sold its stake at Elliots Bakery and acquired Ennsvalley, the makers of premium bread, in 2014 as it sought to diversify its income and cut overreliance on...

Centum Post a Kes 1.37 Billion Net Loss in Q12021

Centum Investment, the giant investment company, has reported a Kes1.37 billion full-year net loss for the period that ended on 31st March 2021, compared to a net profit of Kes 4.6 billion in March 2020. The investment company attributed the loss to the adverse effects of COVID-19. Centum posted a Kes 875 million profit from its real estate business, Kes 330 million profit from its financial services business, a Kes 529 million loss from its...

CMA Sign Cooperation Agreement with Financial Services Commission Mauritius

Kenya’s Capital Markets Authority (CMA) has signed an agreement with the Financial Services Commission (FSC) Mauritius to strengthen compliance in the Kenyan and Mauritian capital markets. The agreement is set to boost the efficiency, integrity, and financial soundness of the capital markets by improving supervision of cross-border transactions, enhancing regulation and reducing fraudulent practices in Kenya and Mauritius. Through the partnership, the two market regulators aim to increase their knowledge and understanding of the laws...

Vodafone CEO Hints M-pesa Spin-Off and Introduction of the Mobile Service to Other Countries

Vodafone Group Plc has hinted at the possibility of spinning off Mobile Money Service, Mpesa following its huge success, especially during the pandemic. Mpesa allows customers to send and receive money on their mobile phones. In the last few years, financial services have grown to include loans, savings and payroll. The service is available in Kenya, Tanzania, Mozambique, Lesotho and the Democratic Republic of Congo. The mobile money service soared in popularity during the COVID-19...

Standard Chartered Bank Appoints Two new Members to the Board

Standard Chartered Bank Kenya has appointed technology and innovation expert Nivedita Sharma and banking professional Birju Sanghrajka, to replace Engineer Patrick Obath and Ian Bryden who recently left the board Birju Sanghrajka takes up the role of executive director of Standard Chartered Bank Kenya Limited. He has been with the bank for the past 22 years and has worked in various roles including; corporate banking, corporate finance and transaction banking in Kenya, the United Kingdom,...

Final Tranche of Acorn Green Bond Oversubscribed by Over Kes 650 Million

Acorn Project (Two) Limited Liability Partnership, the Issuer of the Acorn Medium-Term Green Note (MTN) Programme, closed the final tranche on Friday 16th July 2021. The Issuer said they raised Kes 2.096 billion against the target of Kes 1.438 billion representing a subscription rate of 146%. Acorn issued a Kes 5 billion MTN programme in October 2019, the first Green Bond in Kenya. In the process, the first tranche of the issue raised Kes 4.262...

South Africa Based Standard Bank to Acquire Remaining Stake in Liberty Holdings for $729 Million

Standard Bank has revealed plans to acquire 100% ownership in financial services firm Liberty Holdings. Standard Bank is Africa’s largest bank by assets, and the acquisition is expected to expand the bank’s network across the continent. Standard Bank already owns a 54% stake in insurer and asset manager Liberty, whose shares soared 25% on the news. Africa’s largest bank by assets said the move was a natural progression in their relationship that was in line...

Ethio Telecom Reports 18.4% Rise in Full-year Revenue

State-run Ethio Telecom, which invited private investors to buy a stake in it over the past few months, reported an 18.4% rise in full-year revenue to end-June to 56.5 billion birrs ($1.29 billion). The CEO Frehiwot Tamiru said the company recorded a 22% jump in subscribers to 56.2 million. Additionally, 6.58 million customers had signed up to use its mobile money service, known as Telebirr, which the telecommunication company launched in May. Telebirr is a...

ECA Issues a Final License to Safaricom Telecommunications Ethiopia PLC

The Ethiopian Communications Authority(ECA) has issued the Final License to Safaricom Telecommunications Ethiopia PLC following its incorporation as a local Telecommunications Operating Company. Safaricom was awarded the consortium by the Ethiopian Communication Authority(ECA) comprising Vodacom, Vodafone, Sumitomo Corporation and CDC Group, and was designated as a provisional licensee for the nationwide full-service Telecommunications license last month. In a press release issued by the Communication Authority, they said they will incorporate Safaricom Telecommunications Ethiopia PLC within...

Unaitas Secures Kes 1 Billion Funding From Oikocredit to Finance SMEs

Unaitas Sacco has secured Kes 1 billion funding from Dutch private equity Oikocredit International for onward lending to small and medium enterprises. In a press release issued by the Sacco, they said the funds will be repaid over six years, allowing them to offer loans to over 5,000 farmers’ groups and cooperatives, individual farmers, farm input dealers and transporters. “As we launch the Unaitas SME Support Fund together with our partners Oikocredit, we have the...

KRA Gazettes Plans to Auction Kenya Power Transformers

The Kenya Revenue Authority (KRA) has announced plans to auction Kenya Power transformers if 30 days elapse before they clear the transformers that were shipped into the country seven years ago. The auction is linked to delays by Kenya Power in clearing taxes for the import of the transformers and storage fees. “Unless the under-mentioned goods are entered and removed from the Customs Warehouse within 30 days from the date of this notice, they will...

Kenya & Tanzania Manufacturers call for Expedited Resolution of Non-Tariff Barriers (NTBs)

Manufacturers from Kenya and Tanzania have called for the expedited resolution of non-tariff barriers (NTBs) and the review of the East African Community Common External Tariff (EAC CET). This was during the trade investment forum held yesterday, hosted by Kenya Association of Manufacturers (KAM) and Confederation of Tanzania Industries (CTI) in Dar Es Salaam, Tanzania, to discuss trade promotion between the two states. Speaking during the forum, the High Commissioner of Kenya to Tanzania, Hon. Dan Kazungu noted that in unity, East Africa shall...

Kenya-Re Appoints Jennifer Karina as Board of Directors Chair

Mrs Jennifer Karina has been appointed as the chairperson of the Board of Directors at Kenya Reinsurance Corporation, with effect from 8th July 2021. Jennifer Karina has been in corporate leadership for over 40 years. She is a Psychologist, Certified Professional Coach, Energy Leadership Practitioner, acclaimed Speaker& Author.  She is a thought leader in Relationship Strategies and has been a Researcher for over three decades. Additionally, she is the founder and Lead Coach of Anchor...

Diamond Trust Bank Appoints Jeremy Ngunze as non-executive Director

Diamond Trust Bank (DTK) has announced the appointment of Mr Jeremy Ngunze as the non-executive Director of the Bank with effect from 29th June 2021. Mr Jeremy Ngunze has been a  career banker in both Africa and Asia for over 30 years and has broad experience in financial services. Previously, Jeremy Ngunze served as group executive Director for NCBA Group, and before that, he served as the Cheif Executive Officer at Commercial Bank of Africa,...

Kengen to Receive Kes 119 Million from its Clean Development Mechanism Project

Kenya Electricity Generating Company (KenGen) is set to benefit from its Clean Development Mechanism (CDM) Projects further giving impetus to the company’s efforts to combat climate change. This follows the issuance of an additional 309,495 Certified Emission Reduction (CERs) for the organization’s Olkaria II CDM Project by the United Nations Framework Convention on Climate Change (UNFCCC), bringing the total amount of issued carbon credits to 550,981. The electricity generating company is set to earn about...

KRA Collection Hits Eight Year High of Kes 1.67 Trillion in FY2020/21

The Kenya Revenue Authority(KRA) tax collection reached an eight-year high of Kes 1.669 Trillion during the financial year 2020/21 compared to kes 1.607 Trillion collected over a similar period in the previous financial year. KRA has attributed the good performance to initiatives introduced to enhance revenue collection and introduction of new taxes such as Digital Services Tax, Minimum Tax, and Voluntary Tax Disclosure, among others. The authority had targeted a total of Kes 1.652 Trillion...

CMA and KEPSA sign MoU to support MSMEs in uptake of capital market products

The Capital Markets Authority (CMA) has signed a Memorandum of Understanding (MoU) with the Kenya Private Sector Alliance (KEPSA) to support market deepening and leveraging capital market products to catalyse growth in line with the Big 4 Agenda and Sustainable Development Goals. The MoU aims to ensure that many of the MSMEs affected by the COVID-19 Pandemic will discover their way to recovery and that they can access the capital market products, hence easing their burden...

Centum Real Estate Records a 72% Decline in Profits to Kes 650 Million

Centum Real Estate Limited has posted a 72% decline in profit after tax for the period ended 31st March 2021 to Kes 650 million from Kes 2.30 billion recorded during the same period in 2020. Despite the decline, the real estate company attributed the profits to income from residential units, sales of bulk land and development rights and gains on investment properties. Centum Real Estate reported a 20% rise in customer deposits from Kes 1.5...

Most Kenyan MSMEs Operating Within ICT and Agricultural Sectors

A survey conducted by the KBA Centre for Research on Financial Markets and Policy in collaboration with the Japan International Cooperation Agency (JICA) showed ICT and Agriculture are the leading host sectors for Micro, Small and Medium-sized Enterprises (MSMEs) in Kenya. The report, released on Tuesday 29th, also ranks manufacturing and construction among the dominant hubs for the enterprises that collectively create an estimated 15 million employment opportunities in the economy. The 2021 MSMEs Survey...

EPRA Appoints Daniel Kiptoo New Director General

The Energy and Petroleum Regulatory Authority (EPRA) has appointed Daniel Kiptoo as the new Director-General of the energy regulatory body for a 3-year term renewable once with effect from 1st July 2021. Daniel Kiptoo has been the acting director-general of EPRA since 14th December last year when he replaced Pavel Oimeke. The Energy and Petroleum Regulatory Authority said Mr Kiptoo’s appointment followed a rigorous recruitment process in which he emerged as the best candidate for...

Kapochorua Tea Company Declares a Divided of Kes 10 Per Share For the FY 2020/1

Kapochorua Tea Kenya has announced it will pay a first and final dividend of Kes 10 per share despite posting a 63% decline in profits for the period ended 31st March 2021. The Nairobi securities exchange-listed company posted a profit of Kes 7.07 million as compared to Kes 19.44 million that was recorded during a similar period in 2020. According to the tea company, the global COVID -19 pandemic coupled with weakening economies and an...

TPS Eastern Africa to Offer 200 Million New Ordinary Shares in Rights Issue

TPS Eastern Africa, the owner of Serena Hotels plans to issue 200 million new ordinary shares through a rights issue after its shareholders passed a special resolution during the company’s Annual General Meeting (AGM) on Monday 28th June. According to the minutes of the company’s 49th AGM, investors passed the resolution to increase the authorized share capital from the current KSh200 million to Kes 400 million through the creation of an additional 200 million ordinary shares with...

World Bank Approves $130 Million for Kenya COVID-19 Vaccines

The World Bank Board of Executive Directors has approved $130 million additional financing for the Kenya COVID-19 Health Emergency Response Project to facilitate affordable and equitable access to COVID-19 vaccines for Kenyans. This is the second additional financing for the Kenya COVID-19 Health Emergency Response Project. With the $10 million triggered under the Contingency Emergency Response Component of the Transforming Health Systems for Universal Care Project, the World Bank’s contributions to Kenya’s COVID-19 response total  $246 million. The...

CMA Issues Licenses to 5 Coffee Brokers

The Capital Markets Authority (CMA) has issued the first set of licenses to five coffee brokers in line with the Capital Markets (Coffee Exchange) Regulations, 2020, which will allow brokers to carry out the role of coffee brokerage services at the Nairobi Coffee Exchange (NCE) with effect from 1 July 2021. Meru County Coffee Marketing Agency Limited has been granted a full coffee broker licence whereas other applicants for the coffee broker licence, namely: Kipkelion...

Nation Media Group Begins Share Buyback Programme

Nation Media Group (NMG) is set to begin Kenya’s first share buyback program at the Nairobi Securities Exchange(NSE) today. A share repurchase or buyback refers to when the management of a public company decides to buy back company shares that were previously sold to the public. The media house had earlier released a circular on May 29th 2021, where they announced plans of buying an average of Kes 20.7 million of issued shares. Shareholders approved...

Kengen Earns Kes 2.6 Billion From Commercial Innovation Initiatives

Kenya Electricity Generating Company PLC (KenGen) has earned Kes .2.6 Billion in revenues from commercial innovation initiatives over the last nine years. During the company’s 9th Global innovation seminar, the group reported it has recorded Kes 1.3 million savings from improvement and continuous innovation of ideas. The Global Innovation Seminar is a forum held by the electricity generating company that focuses on business growth driven by idea generation, creativity, and continuous improvement. The forum brings...

Kenya Airways Increases Weekly Flights to the U.S

Kenya Airways has increased frequencies to the US to three a week as demand for summer bookings pick up, coming as a relief to the carrier struggling with low numbers due to Covid-19 restrictions. Since March last year, when Kenya recorded its first coronavirus case, the national courier has been struggling with low numbers due to the restrictions that governments had put in place to curb the spread of the ongoing pandemic. The low numbers...

Karimi Ithau Appointed as Kenswitch Managing Director

The Board of Kenswitch Kenya Limited has appointed Ms. Karimi Ithau as Managing Director as the company rolls out its new market direction. Ms. Karimi Ithau is a seasoned professional with a wealth of experience spanning over 20 years in sales of innovative products and services in the information technology markets related to payments for financial and non-financial institutions across Africa. She also has a proven track record as an executive team manager. “We are...

KenGen Joins UN-Backed Campaign Against Global Warming

Kenya Electricity Generating Company PLC (KenGen) has joined the UN-backed universal campaign to combat global warming, becoming the first public service agency in Kenya. The campaign dubbed ‘Business Ambition for 1.50C’ is backed by a global coalition of the United Nations leaders, business organisations and NonGovernmental Organizations (NGOs). KenGen is now expected to establish emission reduction targets through investments in green and clean energy that will go a long way in limiting the earth’s warming...

Emirates Airline post $5.5 Billion Annual Loss

Dubai-based Emirates airline on Tuesday posted a $5.5 billion annual loss, its first in more than three decades after the coronavirus pandemic devastated the aviation industry. The carrier, which had made a $288m profit in the previous financial year, said annual revenue fell 66 %  to $8.4bn to the end of March as capacity declined by 58 %. The group was hit hard by travel restrictions, including the United Arab Emirates’ suspension of passenger services...

Kengen Nears Completion of Olkaria 1AU 6 Power Plant

Kenya Electricity Generating Company PLC (KenGen), the leading energy producer, has started installing a Steam Turbine into the Olkaria 1 AU 6 Power Plant, signalling a breakthrough in the ongoing construction of the power plant. The Steam Turbine is the heart of the power plant as It is the component that is usually rotated to drive the generator that produces electricity. According to Rebecca Miano, KenGen Managing Director and CEO, the turbine’s lower casing installation...

Transcentury Shareholders Approve Rights Issue at AGM

Shareholders of listed infrastructure firm Transcentury Plc have approved a rights issue, primarily aimed at the company raising capital for the operations of the company. The news of the rights issue which hit markets before close of trading saw the share price of the company shoot up by 9.09% to 1.44 per share at the close of Friday’s trading session on the Nairobi Securities Exchange. Transcentury which had in July 2020 issued a public notice...

Williamson Tea Issues Profit Warning

Williamson Tea, one of the oldest tea companies in Kenya, has issued a profit warning for the financial year that ended on 31st March 2021. In a public statement, the company said ” [Williamson Tea] currently forecast that the result of financial year ending on 31st March 2021 could be at least 25% lower than those of the financial year ended 31st March 2020″. The company blames the depressed property market, which has negatively affected...

Safaricom Finally Launches eSIM: Here’s What You Need to Know

Kenya’s largest mobile telecommunications operator Safaricom Plc, has officially launched the E-Sim service. Safaricom becomes the second telco after Jamii Telecommunications Limited (JTL) introduced the service to the Faiba network subscribers in January this year. The launch came in at an opportune time, just a day before Safaricom’s officially unveiling of the license in Ethiopia, an event which was attended by Kenya’s president, Uhuru Kenyatta. But, What is an eSIM The term eSIM simply refers...

Shelter Afrique Signs $11M Contract for 2,500 Housing Units in Zimbabwe

Shelter Afrique, a pan-African housing development financier, has signed a Ksh. 1,186,900,000 ($11 million) housing deal with the African Banking Corporation (BancABC) in Harare, Zimbabwe. According Shelter Afrique Group Managing Director Andrew Chimphondah the facility targets construction of residential housing units home extension & improvement, onward lending to affordable housing projects, and financing small-scale commercial project such as small shopping malls. “Our Centre of Excellence research shows that many African countries are facing a housing crisis. Zimbabwe,...

Crown Paints Plc Reports Profit of Kes 559 Million During FY2020

Crown Paints Plc has reported a profit of Kes 599 million for the period ended 31st December 2020, an 85 % growth from the Kes 323 Million reported during the same period in 2019. The group attributed the growth to the third and the fourth quarter of the year, which the group said they saw favourable business activity due to residential repairs and improvements. The group reported a  7% growth in turnover for the year...

Devki Group Drops Bid for Mumias Sugar Company

Devki Group has announced its withdrawal from the race to invest in troubled Mumias Sugar Company, barely two weeks after it expressed interest in the company. According to Devki Group Chairman Dr Narendra Raval, the move was necessitated by the increased political interest in the transaction. The company planned to put in KSh5 billion into the collapsed sugar miller in an effort to revive it. However, concerns about the bidding process have led Devki Group to drop...

WPP Scan Group Further Delays Publication of Financial Results

WPP Scan group has announced a further delay in the publication of their audited financial results for the financial year ended 31st December 2020. The group had made an announcement earlier on 10th May where they said they would announce a date when they would release the results. The delay in publication has been attributed to the ongoing investigations due to the changes in management, ” The delay in the publication of the audited statements...

Kenya Reinsurance Posts 26% Decline in After Tax Profits to Kes 2.80 Billion For FY2020

Kenya Reinsurance Corporation (Kenya Re) has recorded a 5% decline in profits before tax to Kes 3.98 billion during the financial year ended 31st December 2020 compared to the Kes 4.18 billion recorded during the same period in 2019. Profit after tax in the company stood at Kes 2.80 billion, a 26% decline compared to Kes 3.86 billion that was recorded during the same period in 2019. The decline was attributed to the economic strain...

Nation Media Share Buyback set for Kes 25 per Share.

Nation Media Group (NMG) Board of Directors has recommended that the firm’s shareholders effect the Share Buyback plan by way of open market purchases through on the Nairobi Securities Exchange (NSE). The share buy back is subject to shareholder approval at the next Annual General Meeting(AGM), to be held virtually at 3.00 pm on Friday, June 25th 2021. On February 25th 2021, the nation media group house board of directors first announced the share buyback plan...

Kenya Railways Corporation to Begin Hourly Train Rides in Nairobi

Kenya Railways Corporation (KRC) will begin providing hourly rides on its Diesel Multiple Units(DMUs) for Nairobi Commuters after receiving the second batch of six more trains from Spain. According to Omudho Awitta, KRC Chairman, the six trains will enable the corporation to increase its train frequencies within the city. The six DMUs join the other five that arrived last year and have been plying the Syokimau –Nairobi and Embakasi –Nairobi routes. Kenya Railways Corporation Commuter...

Family Bank Records Kes 728.8 Million Profit in Q12021

Family Bank Group has posted a Kes 728.8 million Profit Before Tax for the first quarter of 2021, a 71.3% increase in earnings compared to the Kes 425.6 million reported during the same period in 2020. The bank’s net interest income rose by 27.2% to KES 1.8 billion in the period ended 31st March 2021. The growth in income was attributed to the increased lending as the loan book expanded by 15.9% to Kes 61.4...

M-pesa to Begin Operations In Ethiopia in One Year

Safaricom Plc, Kenya’s telecommunication giant that runs M-Pesa, was on Saturday awarded a license to operate telecommunication services in Ethiopia in a consortium that comprises of its parent firms Vodafone and Vodacom, British development finance agency CDC Group and Japan’s Sumitomo Corporation. The consortium which was dubbed “Global Partnership for Ethiopia”  was worth $850 million which the telecommunication giant won in the two licenses that were on offer in Ethiopia. In a press briefing on...

Serena Hotels Posts Biggest Net Loss Ever of Kes 1.2 Billion After Tough Year

TPS Eastern Africa, the company that owns and operates Serena Hotels, has reported a net loss of Kes1.2 billion for the year 2020, its biggest loss ever, after a tough operating year in the hospitality industry. The Kes1.2 billion net loss is a big shift from Kes181.7 million profit after tax posted in December 2019. Unlike other challenges in the past, the uncertainty of the covid19 pandemic had devastating effects on Serena’s financial performance. In a...

KCB Group Posts Kes.6.4 Billion Net Earnings in Q1 2021

KCB Group Plc has posted a net profit of Kes.6.4 billion in the first quarter of 2021 ending March, a 1.8 % increase from the Kes 6.3 billion that was posted in Q1 2020, shaking off the effects of the COVID-19 Pandemic. Net interest income in the group grew by 11% to close the quarter at Kes.16.7 billion. The lender attributed the rise to a rise in interest-earning assets and effective management of the cost...

Equity Posts 64% Growth in Profit After Tax at Kes 8.7 Billion for 1Q2021

Equity Group Holdings Plc has returned strong quarter one results in a challenging environment amidst the multi-faceted Covid-19 crisis of health, economic disruption, and humanitarian challenges, giving hope of resilience and recovery. The Group posted a 64% growth in after-tax earnings at Kes 8.724 Billion from the Kes 5.32 Billion posted during the same period in 2020. “Our strategy; purpose-first, inclusivity, affordability, reach, agility and quality have proven resilient and sustainable, Purpose has proved profitable”...

NCBA Group Reports Kes 2.84 Billion Profit for Q12021.

NCBA Group PLC has recorded a profit after tax of Kes 2.84 billion for the quarter ending March 31, 2021. This was an increase of 74% compared to Kes 1.6 billion that the Group posted during a similar period in 2020. In Q1 2021, total assets increased to Kes 542 billion, representing a strong growth of 6% year on year. Customer deposits in the period increased by 11% year on year, fueled by strong business...

KTDA Looks Forward to NSE Listing as Individual Farmers Set to Own Shareholding

Individual smallholder tea farmers affiliated with the Kenya Tea Development Agency Holdings Ltd (KTDA Holdings PLC) will now own direct shareholding of the company alongside their respective 54 Tea Factory Companies, further cementing their ownership and proprietorship in the organization. In a press release issued by the Tea Development Agency, they said the move follows the resolutions of the KTDA Holdings shareholders, at a Special General Meeting (SGM) held in April this year, to amend...

Safaricom Led US$ 850 Million Consortium to Start Ethiopia Operations in 2022

Safaricom Plc, Kenya’s telecommunication giant, was on Saturday awarded a license to operate telecommunication services in Ethiopia in a consortium made up of Vodafone, Japan’s Sumitomo and UK finance agency CDC Group. The Consortium paid $850 million for the license, beating South Africa’s MTN, which had also bid for a license with an offer of US$600 Million. The partners in the Safaricom led consortium, will establish a new operating company in Ethiopia (Vodafamily Ethiopia) with an...

Standard Chartered Records a 19% Growth in Net Profit in Q12021

Standard Chartered Bank Kenya has reported a 19% growth in net profit in the first three months to March 31 2021. The lender posted an improvement in net profit of Kes 2.39 billion at the end of March 2021, compared to a net profit of Kes 2.01 billion posted during the same period in 2020. The growth that rose to the pre-COVID-19 levels was attributed to the slashing of operational costs resulting from cutting its...

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