I&M Group Reports a 25% Rise in Profits to Kes 5.4 Billion in Q3

I&M Group has reported its financial results for the third quarter of 2021 with Profit after tax (PAT) surging 25.1% to Kes 5.4 Billion mainly on the back of a 34.5% growth in net interest income to Kes 14 Billion. The lender attributed the growth in earnings to increased net interest income and its share of joint venture profit. “These results showcase the positive outcome of our strategy to drive business growth, build resilience and...

HF Group Reports a Net Loss of Kes 569.91 Million in Q3 2021

Housing Finance (HF Group) has narrowed its net loss by 22 per cent to Kes 569.91 million in the nine months to September, helped by growth in non-interest income and a drop in operating expenses. The Nairobi Securities Exchange-listed firm had posted a net loss of Kes 730.21 million in the same period last year. HF Group recorded 12.2 per cent growth in non-interest income, which includes fees and commission charged on loans, to Kes...

Absa Kenya Records a 328% Jump in Net Profit to Kes 8.2 billion

Absa Bank Kenya’s net profit increased sharply to Kes 8.2 billion in the nine months ended September as provision for bad debt fell sharply. The lender’s net income rose 328.2 per cent from Kes 1.9 billion a year earlier attributed to the decline in provision for defaults by 55.2 % to Kes 3.4 billion. The lower provision came despite the stock of gross defaults increasing by Kes 2.8 billion to Kes 19.6 billion. Absa says...

Kapchorua Tea Reports Half Year Net Earnings of Kes 25.7 Million

Kapchorua Tea Kenya, a listed firm engaged in the cultivation, manufacture and sale of tea, leapt from a loss-making territory to net earnings of Kes 25.7 Million at the close of its half-year ended 30th September 2021. This is compared to a net loss of Kes 12.7 Million over a similar period last year. The firm’s pre-tax profit also hit Kes 36.6 Million compared to a pre-tax loss of Kes 16.9 Million at the end...

Co-op Bank of Kenya Posts Net Profit of Kes 11.6 Billion in Q3

Co-op Bank of Kenya has posted a Net Profit of Kes 11.6 Billion in the nine months period ending September 30th, 2021 compared to net earnings of Kes 9.8 Billion over a similar period last, an improvement of 18.4%. The lender’s earnings were boosted by an increase in loans to customers as well as an improvement in customer deposits. Co-op Bank of Kenya had its Net Loans to Customers increase to Kes 306.3 Billion in...

KCB Group Net Earnings Rise 131% to Kes 25.2 Billion in Q3 2021

KCB Group more than doubled its Net Earnings to Kes 25.2 Billion at the end of the nine months period ending September 2021, an increase of 131% from Kes 10.9 Billion over a similar period last year. This makes KCB Group the second most profitable lender in Kenya. The lender attributes this strong financial performance to higher income and reduced provisions to cover for non-performing loans as the banking business made an accelerated recovery from...

StanChart Net Profit Jumps to Kes 6.4 Billion in Q3

Standard Chartered Bank Kenya (StanChart) has reported a 46.7 per cent jump in net profit for the nine months to September, helped by an increase in foreign exchange earnings and reduced operating expenses. The Nairobi Securities Exchange-listed bank recorded Kes 6.35 billion in profit after tax from Kes 4.33 billion posted in a similar period last year. The growth has been attributed to a 33.8 per cent rise in foreign currency trading to Kes. 2.53...

Safaricom Half-Year Net Profit Up 12.1% to Kes 37 Billion

Safaricom Plc on Wednesday released its unaudited results for the six months ended 30 September 2021 with net profit for the period rising by 12.1% to Kes 37.056 Billion compared to Kes 33.07 Billion posted in a similar period a year ago. Profit before tax was up by 22.1% to Kes 77.4 Billion compared to Kes 63.4 Billion posted as of 30th September 2020. The company’s total revenue for the period rose by 17.5% to...

Equity Group’s  Records a 79% Rise in Profit to Kes 26.9 Billion in Q3 2021

Equity Group Holdings Plc has posted an increase of 85% in Pre-tax profit to Kes 36.6 Billion in the third quarter period ended 30th September 2021. This is compared to a Pre-tax profit of Kes 19.7 Billion in the same period in 2020. The lender saw its net earnings increase 79% from Kes 15.0 Billion to Kes 26.9 Billion. The bulk of this growth came from its subsidiaries with total assets recording a growth of...

Bank of Kigali (BK Group) Records a 33% Increase in Net Income to Kes 4.1 Billion

Bank of Kigali (BK Group Plc) has reported a Net Income of Kes 4.1 billion (US$ 36.6 million) an increase of 33.0% year on year with a return on average total assets and return on average total equities reaching 3.4% and 18.2% respectively for the period ended September 30th, 2021. In its Audited financial results, BK Group Plc reported an increase in total interest income by 20.1% as compared to a similar period last year...

KPLC Net Earnings rise 16.1% to Kes 1.5 Billion

Kenya Power and Lighting Company (KPLC) emerged from a loss-making territory or Net Loss of Kes 939 Million in 2020 to Net Profit of Kes 1.490 Billion for the financial year ended 30th June 2021, an increase of 16.08%. According to its audited financial results for the year ended 30th June 2021, the state-owned electricity distributor made a pre-tax profit of Kes 8.2 Billion in 2021 compared to a pre-tax loss of Kes 7.04 Billion in...

KenGen Reports a 7% Rise in Pre-Tax Profit to 14.8 Billion in its Full Year 2021

Kenya Electricity Generating Company PLC (KenGen) has reported a 7%  increase in Profit Before Tax from Kes.13.79 billion to Kes.14.76 billion during the period ended 30th June 2021. Announcing the results, KenGen Managing Director and CEO, Rebecca Miano said the profit growth was achieved on the back of continued revenue growth underpinned by the company’s diversification strategy.  “In spite of the challenging times, KenGen remained strong recording a steady performance and demonstrating sound financial position...

East African Cables Reports Net Loss of KSh 753.2 Million in 2020

East African Cables posted a Net Loss of Kes 753.2 Million at the end of the financial year ended 31st December 2020. This is compared to a Net Profit of Kes 630.9 Million over a similar period in 2019. The listed firm also recorded a Pre-tax loss of Kes 555.1 Million in 2020 compared to a Pre-tax profit of Kes 658.7 Million in 2019. East African Cables is on the list of firms that had sought...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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

Kapchorua 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...

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...

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...

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...

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...

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...

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...

Absa Posts 28% Growth in Net Earnings at Kes 2.4 Billion

Absa Group unaudited Net Profit for the first quarter ended March 31st 2021 rose to Kes 2.4 Billion compared to Kes 1.96 Billion in Q1, 2020, an increase of 28%. The lender’s balance sheet size grew to Kes 384.1 Billion in Q1, 2021 compared to Kes 381.5 Billion, while customer deposits were up from Kes 238.7 Billion to Kes 257.1 Billion during the period under review. Loans and Advances to Absa Group customers grew marginally from...

Transcentury Plc Records a Loss of Kes 1.4 Billion for H12020

Transcentury Plc, a listed firm in the Nairobi Securities Exchange, has reported a Kes1.4 billion net loss for the half-year period that ended on 30th June 2020 compared to a net profit of Kes 297 million posted in the same period in 2019. The drop was attributed to the effects of the COVID-19 pandemic, which the group said disrupted demand and global supply chains. The infrastructure company consequently reported a 21% decline in revenue to...

Sasini Records a HY Profit of Kes 191.86 Before Tax for the  Period ended 31st March 2021.

Sasini Plc a listed firm in the Nairobi Securities Exchange, has reported a notable rise in the six months period ended 31st March 2021. The group recorded a profit before tax of Kes 191.86 Million an improvement from the loss of Kes 10.14 million that was recorded during the same period last year. Sasini Plc attributed the good performance of the company to improved coffee prices, good weather conditions and cost containment measures within the...

Britam Records a Net Loss of Kes  9.1  Billion for FY2020

Britam Holdings Plc has reported a net loss of Kes 9.1 billion for the financial period ended 31st December 2020, a 62% loss compared to the Kes 3.5 billion that was reported during the same period in the previous year. The group attributed the loss to the poor returns from investments in its associate Housing Finance Group, which contributed to a share of loss at Kes 823 million and a reduction in the value of...

Bamburi Cement Post kes 1.12 Billion Profit for FY2020

Bamburi Cement has posted a profit after tax of Kes 1.12 Billion the financial period ended 31st December 2021, a 212% growth in revenue from the Kes 359 million that was posted during the same period in 2019. Group Revenue in the company declined by 5% to Kes 34.88 billion during the financial period ended 31st December 2020 compared to Kes 36.89 billion in 2019. The decline was attributed to the 13% slump in revenue...

BOC Posts 82% Jump in Net Profit as Demand for Medical Gas Rises

BOC Kenya, which produces and distributes industrial and medical gases throughout the East African region, has posted impressive results for the year that ended in December 2020. The firm’s net profit rose by 82% to Kes 101.7 million at the end of 2020 from Kes 55.9 million at the end of 2019 as the demand for medical oxygen shot through the roof. BOC recorded a 12.5% rise in revenue to Kes 1.1 billion in 2020 compared...

Liberty Kenya Post a 2% Decline in Profits to Kes 676 Million in FY2020

Liberty Kenya, a subsidiary of South Africa based Liberty Holdings, has posted a 2% decline in profit after tax to Kes 676 million during the financial period ended 31st December 2020 from Kes 690 million recorded in the group 2019. The group’s assets increased by 3% to Kes 39.30 billion during the financial period ended 31st December 2020, compared to the Kes 38.2 billion recorded during the same period in 2019. The insurance company posted...

Jubilee Holdings Post a Profit Before Tax of Kes 5.08 Billion for FY2020.

Jubilee Holdings Limited, East Africa’s largest insurance group, has posted a profit before tax of Kes. 5.08 billion for the financial period ended 31st December 2020, a 1.4%  increase compared to the same period in 2019. The group attributed the profit to the confidence placed in the Group by their clients, continued focus on sound underwriting practices, tightening of controls over claims and expenses, and the prudently diversified investment portfolio held by the Group. Jubilee...

Sameer Africa Post Kes 43 Million Profit for FY2020.

Sameer Africa Plc has reported a Kes 43 million net profit during the financial year ended 30th December 2020, a remarkable improvement from the Kes 1.1 billion net loss posted during the same period December 2019. The tyre manufacturer recorded a decline in revenue by 57% to Kes 757 million during the financial ended 30th December 2020 from Kes1.76 billion recorded in 2019. The decline was attributed to the group’s brief closure of its tyre...

Family Bank Posts a 18% Jump in Profit After Tax to Kes 1.2 Billion.

Family bank has posted an 18% rise in the profit after tax to Kes 1.2 billion during the financial year ended 30th December 2020, from Kes 949,836 million recorded during the same period last year. The rise in profit resulted from a rise in taxes deferred by the group as a result of the measures put earlier last year by the government to cushion the economy against the effects of the coronavirus pandemic. The group...

HF Group Net Loss Widens to Kes1.7 Billion.

The mortgage finance bank HF Group reported a Kes 1.7 billion net loss for 2020, from Kes 110 million net loss in 2019. The bank’s net interest income fell 7.5% to Kes 1.87 billion at the end of the year, from Kes2.02 billion in 2019. Non-interest income dipped 62% to Kes 512 million from Kes1.35 billion recorded the previous year. In January this year, the group received a Kes1 billion capital boost from Britam to support its...

Eveready E. A Plc Records a Loss of Kes 50 Million

Eveready E. A Plc has reported a loss before tax of Kes.50 million for the financial period ended 30th September 2020, a 53% improvement compared to a loss of  Kes.107 million posted during the same period in 2019. “Covid-19 was unforeseen and muted our growth in FY2020. This had an unprecedented impact on our financial performance and impacted the strength of our balance sheet.” Eveready E. A in their financial Release   The group posted...

NCBA’s Post a  42%  Decline in Profit For FY2020

NCBA’s full-year net profit for the year 2020 nosedived by 42% to Kes4.6 billion as the bank ramped up its provisions for loan losses. The tier-one lender put aside Kes 20.4 billion to cover expected loan losses caused by the loan relief introduced by the government as a method to cushion the economy from the effects of the COVID-19 pandemic, compared to Kes 6.25 billion set aside in 2019. The bank’s revenue from net interest...

Equity Group Post a 51% Balance Sheet Growth During FY2020.

Equity Group Plc registered a 51% growth in its balance sheet with total assets growing to Kes 1.015 billion during the financial year ended 30 December 2020, up from Kes 674 billion posted during the same period in 2019. The growth was achieved through both organic and merger with the acquisition strategies seeing the group become the first financial institution to cross the trillion shillings rubicon in East and Central Africa. The growth was attributed...

Sanlam Kenya Posts Kes 78 Million Loss for FY2020

Sanlam Kenya Plc has posted a Kes 43 million pretax profit in its just-released full-year 2020 trading results, a 92% decline against the Kes 550 million in 2019 primarily attributed to the Covid-19 pandemic impact on the local and international economies. Speaking when the firm’s approved and released the results, the Group Chairman Dr. John Simba said the effects of the Covid-19 pandemic on the local economy and foreign exchange rates adversely impacted the Group’s...

Diamond Trust Bank Posts 51% Drop in Earnings at Kes 3.5 Billion

Diamond Trust Bank’s (DTB) net profit for the year that ended on 31st December 2020 dipped by 51% to Kes3.5 billion, from Kes7.3 billion in 2019. According to the lender, higher loan loss provisions due to the elevated credit risk led to the steep decline in the full-year net profit. Diamond Trust Bank (DTB) total assets crossed the Kes 400 billion threshold for the first time, rising by 10% to Kes 425 billion at the...

Standard Chartered’s Profit Falls 34% as Loan Loss Provisions Soar.

Standard Chartered Bank Kenya has posted a 34% decline in its full-year net profit for the year that ended on 31st December 2020. The bank’s net profit dropped to KSh 5.44 billion at the end of 2020 from KSh8.24 billion in 2019 as revenue fell and loan loss provisions shot up. “We delivered a resilient performance in 2020 in extremely challenging conditions brought about by the pandemic,” said Chemutai Murgor, the bank’s Chief Financial Officer...

Absa Bank Kenya Posts Normalised Net Profit of Kes 6.5 Billion for Full Year 2020

Absa Bank Kenya PLC posted a normalised profit after tax for the period ended December 2020 of Kes 6.5 billion a 23% decline compared to the period in 2019. The group attributed the decline to pandemic related provisions. The normalised financial performance excludes an exceptional cost of Kes 3.2 billion which went towards the recently concluded brand transition to Absa and restructuring programmes. Loan impairments recorded a two-fold growth to kes 208 billion as the lender’s...

Umeme’s Net Profit Drops by 69% to $11.8 Million

Umeme Limited, the largest electricity distributor in Uganda, has recorded a sharp decline in net profit after a challenging financial year. The firm’s net profit fell to USh 43.1 billion ($11.8 million) at the end of December 2020 from USh139.1 billion ($38 million) at the end of December 2019. Revenue from electricity sales and connections decreased by 7% to USh1,661 billion from USh1,777 billion a year ago. In the year under review, the energy company...

Kakuzi Net Earnings Drop 13% to Kes 622 Million, ups Dividends

Kakuzi Plc, a Kenyan agricultural listed at both the Nairobi Securities Exchange(NSE) and the London Stock Exchange, has reported a 13% decline in net profit to Kes 622 Million at the close of the period ended 31st December 2020. This is compared to a net profit of Kes 713.4 the previous year. “The pandemic created significant disruption in our main European markets with the almost complete closure of the Food Service sector. Despite this, demand...

Co-Op Banks Posts 24.5% Decline in Net Profits for FY2020

The Co-operative Bank of Kenya Group 2020 full year net profit declined by 23.8% to stand at Kes. 10.9 billion from Kes. 14.3 billion recorded in 2019. Co-op Bank Group Chief Executive Officer Dr Gideon Muriuki attributes the profit decline to higher loan loss provisions related to COVID-19 and currency devaluation losses from its South Sudanese subsidiary. “The Group has taken loan loss provisions of Kes. 8.1 billion, being a 220% increase from Kes. 2.54...

KCB Group Posts 22% Decline in Earnings for FY2020 to Kes.19.6B

KCB Group Plc has posted a net profit of Kes.19.6 billion for the financial year ended 31st December 2020. This was a 22% decline from the Kes 25.2 billion recorded during the same period in 2019 as higher provisions for loan losses and subdued economic activity associated with the COVID-19 pandemic hit business performance. The group recorded a 14% increase in income to Kes.96.0 billion, compared to Kes.84.3 billion reported during the same period in...

Kenya Power Records Kes 0.94 Billion Loss for FY2020

The Kenya Power and Lighting Company ( KPLC) has recorded a loss after tax of Kes.0.94 billion compared to a profit of Kes 0.26 billion in 2019. This was despite a tax credit of Kes 6.1 billion issued by the government. The tax credit was largely due to a decrease in resident corporate income tax rate from 30% to 25% as one of the Government’s measures to cushion businesses from the negative impact of the COVID-19...

Stanbic Holdings Net Profit Down 19% to Kes 5.2 Billion

Stanbic Holdings Plc net profit for the year that ended on December 31, 2020, dropped by 19% to Kes 5.2 billion from Kes 6.4 billion at the end of 2019. The firm’s total income, comprised of interest and non-interest income, decreased by Kes1.5 billion at the end of 2020, to Kes 23.2 billion from Kes 24.8 billion in the same period in 2019. Even with the decline in the lender’s net profit, Stanbic’s directors’ compensation...

Kengen Plc Records 3% Decline in Total Revenue for H1 2020

Kengen Plc, the leading electric power generation company in Kenya, recorded a decline in total revenue by 3% from Kes 22.36 billion in 31st December 2019 to Kes 21.80 billion for the period ended 31st December 2020. The decline was attributed to reduced fuel revenue charge following the displacement of thermal generation. Revenue from geothermal operations continued on a growth trajectory and increased by 14% supported by additional generation capacity from Olkaria V and revenue diversification from the...

Longhorn Publishers Post Kes 145 Million Half-Year Loss

Listed publishing firm, Longhorn has posted a Kes145.33 million net loss in the half-year period ended December 31, 2020, down from Kes 68.97 million net profit the company posted over the same period in 2019. However, the half-year loss narrowed by 51% from Kes 294.84 million net loss posted at the end of June 30, 2020. The Nairobi Securities Exchange listed company’s revenues fell sharply to Kes 288.5 million at the end of the half...

BAT Kenya Plc Post 42%  Rise in Net Profit for Financial Year 2020

Tobacco manufacturer British American Tobacco (BAT)  demonstrated resilience amidst the COVID-19 pandemic posting a 42% rise in the profit after tax during the financial year ended 31st December 2020. BAT recorded a profit after tax of Kes 5.5 billion a Kes 1.6 billion rise from the Kes 3.89 billion that was recorded during the same period in 2019. The company attributed the increase in the profit after tax to the reduction of cost of operations...

KenGen Pays Kes 1.15 Billion in Dividends to Treasury

Leading power producer, Kenya Electricity Generating Company PLC (KenGen) has paid the National Government Kes 1,153,856,022 in dividends for the financial year ended June 2019.  The National Treasury & Planning Cabinet Secretary, Amb. Ukur Yatani congratulated the company’s positive performance adding that as the Government, they were proud to be associated with the company. The Government owns 70% stake at KenGen while 30% is owned by private shareholders. CS Ukur Yatani further noted that as...

EABL Records 47 Percent Decline in Profit For 1HY21

East African Breweries Limited (EABL) recorded a 3% decline in net sales to Kes 44.5 billion for the half-year ended December 2020 compared to the same period in 2019. This, however, was a 53% improvement from the previous half-year period, January to June that was significantly impacted by Covid-19 restrictions. However, the pandemic still affected EABL’s business performance with the group recording a 47% decline in profit after tax from kes 6.7 billion in 2019 to...

KenGen Posts 8.3% Growth in Profits at Kes 13.79 Billion for FY2020

Listed power producer, Kengen Plc, has reported net revenue amounting to Kes. 39.82 million for the financial period ended 30th June 2020, which is 11.3% higher than the Kes.35.7 million recorded during the same period in 2019. KenGen attributed the increase to the reduction in fuel revenue associated with thermal plants, which registered a 58.9% decline due to thermal displacement by geothermal power generation. The company also recorded a 16.8% increase in the earnings before...

Carbacid  Plc Records 22% Jump in Full Year Profit at Kes 427 Million

Carbacid Investment has announced a profit before tax of Kes 427 million for the year ended July 31, 2020, marking a 13 percent increase from the Kes 377 million posted a year earlier. In a statement, the group’s board secretary N P Kothari however said the firm was negatively impacted by an unrealized loss on equity holdings by listed companies of Kes39 million. “Turnover increased by 8 percent while operational and administrative costs are being...

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