Corporate News

Homeboyz instituted some cost-cutting measures which resulted in a 49% drop in direct costs and a 63% drop in administrative expenses.

Standard Group Plc Posted a loss before tax of Kes 434 million during the financial period ended 31st December 2020, a 36% improvement from the Kes 684 million posted during the same...

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...

The value of NMG’s total assets decreased to Kes11.82 billion at the end of 2020 from Kes12.1 billion at the end of 2019. Its total liabilities also fell to Kes3.89 billion from...

The government has stated it will ensure Kenya Power pays its debt to KenGen and other power producers. This comes after concerns were raised that the electricity distributor’s default could hurt the...

Kenya's national carrier Kenya Airways Plc and DR Congo national carrier have signed a partnership agreement. The partnership, which was signed on Thursday, will make it easier for the KQ customers to...

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...

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...

The International Finance Corporation (IFC), which is part of the World Bank, plans to invest up to $2 million (Kes215 million) in Antler East Africa, a venture capital firm based in Nairobi. The...

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...

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...

Total SE has signed agreements with Ugandan officials for an oil development set to transform the East African nation into a significant crude producer and exporter. The deal, which is expected to...

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...

The Central Bank of Kenya (CBK) accepted bids worth Kes 81.94 Billion from the 18-year old April 2021 Infrastructure Bonds sale out of Kes 60 Billion that was on offer. At the auction...

Safaricom’s Chief Financial Services Officer, Sitoyo Lopokoiyit, has been appointed to lead Mpesa Africa, the most successful mobile money platform in the continent and the top fintech platform in the Sub-Saharan African...

Kenya's national carrier Kenya Airways PLC (KQ) has announced that it will be suspending all passenger flights between Kenya and the United Kingdom (UK) effective 9th April 2021 until further notice. Through...

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...

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...

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...

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...

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...

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...

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...

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...

WPP Scangroup’s founder and long-serving chief executive, Bharat Thakrar, has resigned from his position as company's chief executive officer. Mr Bharat Thakrar and his Chief Finance Officer Satyabrata Das were last month...

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...

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)...

Britam Holdings is looking forward to sell part of its 48.2 % stake in mortgage financier HF Group  to one of the country’s big banks as part of a review of its...

KCB Group, East Africa's largest commercial bank, expects the proportion of loans it restructured last year to fall by half in the second quarter of the year. The bank's financial results revealed it...

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...

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...

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...

In FY20, Safaricom paid Kes98 billion in duties and taxes, in addition to Kes 20 billion in dividends to the Government of Kenya. Over the same period, Safaricom sustained more than one...

The Capital Markets Authority (CMA) has set a July 1 deadline for coffee brokers to get new licences under rules introduced last year to get rid of cartels. In a public notice issued on...

KCB Group, the country’s largest and most profitable lender, has secured a US$ 150 Million credit facility to enable it to increase lending to climate-friendly projects and small business enterprises, especially those...

Henry Rithaa, CEO of Micro and Small Enterprises Authority, the organization wants to achieve 5 million jobs through various sectors. So the sector that Equity is supporting this facility will assist in...

Rolls Royce remained optimistic that it would start to generate cash in the second half of 2021, indicating that it was keenly looking ahead to a better future.

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...

The Kenya Red Cross, the largest humanitarian organization in Kenya in conjunction with the Danish Red Cross and Grassroots Economics, has launched a basic income system called Sarafu Network to distribute the...

South African based Liberty Holdings, and the largest shareholder in Liberty Kenya, plans to increase its ownership in Liberty Kenya from 57% to 73% by acquiring 49.5 million ordinary shares of the...

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...

Equity Bank has announced plans to lend Kes 75 billion to Small and Medium Enterprises (SMEs) at concessionary terms, at 13% interest for a period of five years. The funds include grants...

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...

Unga Group says wheat prices have rallied to levels not seen in past decade due to some major exporting economies imposing fiscal measures.

Kenya power net profit for the six months period that ended on December 31, 2020, decreased to Kes138 million from Kes692 million a year earlier.

Britam Holdings has announced the appointment of Mr Tavaziva Madzinga as the Group Managing Director of Britam Holdings Plc Group, effective 1st February 2021. Mr Tavaziza Madzinga is an actuarial scientist, holder...

Increased demand for medical gases drove up Carbacid’s six months revenue to Kes 449.7 million, a 27% improvement.

BOC Kenya has opted not to recommend the company's takeover by Carbacid Investments to its shareholders. The decision comes after an independent adviser hired to review the transaction declared that Carbacid's offer...

Visa today announced the expansion of Practical Business Skills, a global digital platform delivering free educational resources to help (SMB)

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...

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...

Bharat Thakrar, the Chief Executive Officer of listed marketing firm WPP Scangroup, and his Chief Finance Officer Satyabrata Das have been suspended by the company's board. The Board of Directors said on...

Equity Group Holdings Plc on Monday announced the appointment of Mr Yves Cuypers as the first Regional Director in charge of the Central and Southern Africa Region. Mr Yves Cuypers is the...

Kenya Electricity Generating Company (KenGen) Plc signed a Kes 709 million contract to drill three geothermal wells in Djibouti. On Thursday, the company signed a Kes709,822, 630 contract with the Office Djiboutien...

Kenya's top telco Safaricom Plc on Thursday declared an interim dividend of Kes 0.45 per ordinary share to its shareholders. The uncertainty over the Covid-19 pandemic saw many companies listed on the...

Kenya Airways has received Kes 10 billion from the National Treasury in a secret bailout. This comes as a contradiction from the National Treasury's earlier claims that it will not approve the...

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,...

Sameer Afria Plc has announced its return to the tyre business. In a notice issued by the company, the Nairobi Securities Exchange-listed firm said following a meeting held on the 22nd of...

This will provide the long-term strategic direction for the Kenyan capital markets.

WPP Scan group has announced the appointment of Mr Jason Day and Mr Shahid Sadiq to the company's board as non-executive directors. Jason Day has who is 32 years old has worked...

Amazon founder Jeff Bezos has announced he will be stepping down as the company's CEO in the third quarter of the year. . In an email to his employees, Jeff Bezos announced he would...

Kenya's top lender, KCB Group, has made a formal application to the regional competition watchdog to be cleared for the Kes 4.4 billion deal. It is seeking to acquire two banks in...

Banks have posted the lowest 11-month pre-tax earnings for the banking sector since 2012. The low profits were attributed to the massive disruption of Covid-19 to the industry recording high profits. A...

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...

Carbacid Investments Plc’s (CIL) shareholders have approved the acquisition of up to 100 percent of the shareholding of BOC Kenya Plc (BOC) pursuant to the offer that was announced in November 2020....

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...

Safaricom has launched an M-PESA Bill Management service that offers a platform where businesses can present and receive pending payments from customers, and issue electronic receipts. For M-PESA customers, the service provides...

Centum Investment Company has sold 20% of its shares with a current market value of Kes 92.2 million, to billionaire investor Chris Kirubi, raising his stake in the Nairobi Securities Exchange listed...

Kenya Airways PLC has temporarily suspended its services to France and the Netherlands due to the COVID-19 regulations in Europe that have reduced demand. In a statement issued by KQ, they said...

BOC Kenya Plc a leading supplier of industrial, medical and special gases in East Africa, has been granted approval by the Capital Market Authority to issue their shareholders with the Takeover offer...

The group reported a non performing loan  of kes 11.2 billion in the last quarter of 2020 , which had improved from kes 12.6 billion during the same period in 2019, however,...

The Co-operative Bank of Kenya has secured a long-term financing facility arranged by the International Finance Corporation (IFC) amounting to Kes 8.25 Billion. The bank has stated that the loan is coming...

The Authority will continue engaging issuers, stakeholders and partners to build on the progress made while ensuring that the governance requirements are facilitative, value-adding and progressive.

Equity Group holdings Plc (EGH) has received regulatory approval to merge Equity Bank Congo (EBC) and BCDC to form a new bank. Going forward, the new bank will be known as, Equity...

Equity has accelerated its technology capability to deliver self-service banking across its markets through mobile banking, Agency banking as well as online banking.

“The price cuts are permanent, effective from January 1, 2021 and will enable more than 26.8 million customers to continue enjoying lower costs whenever they send money.” Ndegwa noted

Mr. Ngugi said the Company will also intensify the use of Live–Line technology for planned maintenance programmes for enhanced customer satisfaction.

The platform will enable unlisted commercial banks, cooperative societies and private companies access the benefits of an efficient over the counter market anchored on leading technology capabilities and resources.

BOC Holdings supports the intended offer and has issued an irrevocable undertaking to sell its 65.38%stake in BOC Kenya.

Musungu was previously the general manager for GlaxoSmithKline Kenya and East Africa Business.

I&M will be joining the likes of DTB, Equity and KCB Group which have presence in the country.

While the Kenya firm produces and supplies industrial, medical, and special gases, CIL’s main operating subsidiary Carbacid (CO2) Limited is the region’s leading producer of food-grade carbon dioxide extracted from natural underground...

Equity Bank has been awarded the Best Regional Bank in East Africa, and for the second year running, the Africa Socially Responsible Bank of the Year, having demonstrated high performance across various...

Family Bank also signed a partnership with Performeter Agribusiness Limited setting aside Sh1 billion to fund fodder production for dairy farmers in cooperatives. 

The dim performance is attributed to an increase in loan loss provisions which surged by 76% in what the lender says is sufficient to cover future potential credit losses.

The Group has not received any dividends from portfolio companies where the Group holds minority stakes in the six-month period ending 30 September 2020 as these portfolio companies have elected to build...

With KCB's existing presence in these markets and strong banking capabilities in East Africa, the merged banks in each market can build on the significant progress made in recent years and be...

There are now 42 signatories to the Declaration including Standard Bank, Barclays, Banco Santander Group, the City of London, Deutsche Bank, HSBC Bank, and JP Morgan Chase. The United for Wildlife Taskforce...

The higher return is attributed to the fund’s ability to employ long/short trading models which ensures capital appreciation for investors whether markets are gaining in value (going long) or losing value (going...

As of 30th June 2019, KenGen had an installed capacity of 1,631.1MW out of which 85% was generated through green sources, mainly geothermal, wind, and solar with the balance coming from thermal sources.

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...

The profit dip has however trimmed the bank’s earnings per share to Kes.11.13 from Kes.16.15 last year.

The firm is expected to transform NBV into a manufacturer of cement and other industrial products switching it from a leather products retail chain.

The slow recruitment process has however been evident at the capital markets regulator with Paul Muthaura having also served first as CEO on a lengthy interim capacity.

Cooperative Bank booked a 905 increase in loan loss provision from Kes. 2.1 billion in 2019 to Kes. 4 billion.

ABSA has painted a level of  uncertainty in its outlook relating to the COVID-19 pandemic where it has highlighted that it is high and unprecedented, and its impact on markets and the global...

Equity’s asset base has expanded to Kes.933.9 billion with loans and advances to customers climbing by 30 per cent to Kes.453.9 billion.

Shareholders’ equity grew 12% from KShs. 121.2 billion to KShs. 135.9.1 billion. This was driven by the growth in earnings over the 12-month period to September 2020.

Ndegwa indicates the company remains in discussion with the Central Bank of Kenya (CBK) on the review of free cash transfers below Kes.1000 beyond December 312.

EBKL is a subsidiary of Equity Group Holdings Plc and holds the lion share of the Group’s business contributing to over 80% of the profitability.