Corporate News

Kenya Power has withdrawn an application to increase bills by up to a fifth, shifting its focus to lowering costs, curbing electricity theft and recovery of unpaid bills amounting to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...

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...

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...

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...

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...

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...

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,...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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....

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...

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...

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...

Family Bank said it would use the funds to increase its branch network from the current 92 outlets in 37 counties, widening its presence and customer base as it also considers an...

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...

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...

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...

TotalEnergies Marketing Kenya, one of the biggest suppliers of Petroleum and Gas products in East Africa, has appointed Mr Eric Fanchini as a Director and as the new managing director.

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...

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...

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,...

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....

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...

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....

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

BAT Kenya Plc has declared an interim dividend of Kes 3.50 per ordinary share to be paid on 16th September 2021.

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...

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...

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...

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 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...

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...

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...

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...

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...

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...

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...

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...

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...

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....

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....

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)...

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 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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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,...

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...

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...

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...

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,...

Allianz and Jubilee Holdings announced a 66% stake in the Jubilee General Insurance Company in Kenya to form Jubilee Allianz.

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...

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,...

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...

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...

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....

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...

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...

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...

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...