Corporate News

Elon Musk has decided not to join the board of Twitter, the company’s chief executive Parag Agrawal says. Elon Musk’s appointment was due to become effective on Saturday after revealing last week...

Growth in total income and reduction in loan loss provision charge pushed performance by 74% in steady post-COVID-19 recovery KCB Group Plc recorded a historic 74% rise in profit after tax for...

In South Africa, Moody’s and Global Credit Rating (GCR) intend to advance corporate social responsibility initiatives, including social enterprises that provide education and support to female-owned businesses and entrepreneurs.

The deal will see the Canton Chamber of Commerce in Kenya (Guangdong Association) members use DTB’s banking services including operating corporate and individual bank accounts, remittance services and lending services.

The naming of Ms Mavisi as an Independent Head of the Kakuzi OGM, will provide impetus to the firm’s ongoing efforts to maintain world-class human rights management standards.

The initiative is in line with the Kengen's Environmental Conservation Program and Corporate Environmental Sustainability Policy

Kenya Electricity Generating Company (Kengen) earnings from the new Ethiopian operations quadrupled from Kes 440 million last year to Kes 1.7 billion in the year ending June 2021. The firm’s diversification venture...

Kakuzi Plc is also the first organisation in sub-Sahara Africa to establish a functional Independent Human Rights Advisory Committee (IHRAC).

KCB Group Plc had announced the proposed acquisition on 26 November 2020, informing shareholders that it had entered into a share purchase agreement with, among others, ABC Holdings Limited (“ABCH”) for the...

The software has been developed and will be moderated by Deaf eLimu Plus Ltd, with funding from KBA and FSD Kenya.

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...

The Board of Directors of the Nairobi Securities Exchange have declared a special dividend of Kes 0.50 per ordinary share at its meeting held on 26th November 2021. The board has fixed...

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...

Kenya’s financial services group Britam Holdings has announced the shock resignation of its managing director, Tavaziva Madzinga, after less than one year in office. The announcement comes barely 10 months after he...

NCBA Group Plc has posted a 159 % growth in profits for the first nine months of the year ended September 30. According to the lender's results, net earnings in the group...

Jumia, Africa’s leading e-commerce platform, today announced the appointment of one of Africa’s most powerful and influential women in Kenya, Betty Mwangi, as Kenya’s new Chief Executive Officer. She takes over the...

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...

Mortgage lender Housing Finance (HF Group) has appointed its credit director Peter Mugeni Oduori as the managing director, effective November 17, 2021. Peter Mugeni is a seasoned banker, with 20 years of...

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...

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...

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...

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...

Mortgage lender HF Group has formally started the hunt for a strategic investor after it invited suitors to place their bids. HF Group chief executive Robert Kibaara said Thursday the Nairobi Securities...

Kenya Electricity Generating Company PLC (KenGen) has completed drilling the deepest geothermal well in Ethiopia reaching a depth of 3,000 meters, surpassing a target of 2,750 meters. This marks the second of...

Kenya is exploring the use of central bank digital currency (CBDC) to settle cross-border payments according to the country’s Central Bank Governor Dr Patrick Njoroge. A Central bank digital currency (CBDC) is...

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...

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...

Kenya Revenue Authority(KRA) collected Kes 154.383 Billion in Q2, 2021/22 financial year, a performance rate of 108.5% and a growth of 23.2% from a Kes 142.285 Billion target. KRA began the 2021/22...

At the end of September, Berkshire Hathaway's cash pile reached a record $149.2 billion, up from $144.1 billion in the second quarter.

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...

CMA has further extended two provisional licenses granted to Mt. Elgon Coffee Marketing Agency Limited and United Eastern Kenya Coffee Marketing Company Limited by six months to 30 April 2022 to give...

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...

Development Finance Corporation (DFC), a US government agency has delayed the disbursement of a $500million (Kes 53.97 billion) loan to finance the entry of a Safaricom-led consortium into the Ethiopian telecoms market,...

Centum Investment Company’s private equity wing targets acquisitions in various sectors of Kenya’s economy. Centum Capital Partners, a wholly-owned and independently managed subsidiary of the Centum Group, said it plans to invest...

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...

The Capital Markets Authority (CMA), Kenya Pension Funds Investment Consortium (KEPFIC) and Nairobi Securities Exchange (NSE) have signed a Memorandum of Understanding (MOU).

The Central Bank of Kenya (CBK) has revoked the authorisation granted to Mobile Pay Limited (MPL) which has the brand name Tangaza as a mobile Payments Service Provider (PSP). The regulator said...

The Nairobi Securities Exchange (NSE) has received approval from the Capital Markets Authority (CMA) to initiate day trading. The rollout of day trading will go live on 22nd November 2021 as part...

Konza Technopolis Development Authority (KoTDA) is seeking to partner with the Nairobi Securities Exchange (NSE) to connect investors with viable tech start-up businesses that are being incubated by KoTDA. Speaking during a...

HF Group Plc has appointed Prof. Olive M. Mugenda as an Independent Non – Executive Director and Chairperson of the Board effective 21st October 2021. Prof. Olive Mugenda is an accomplished business...

The National Treasury has approved to inject cash into Kenya Power and Kenya Airways in the financial year starting July 2022. The state attributed the bailout to supporting the economic recovery of...

Stanbic Holdings Plc has announced the appointment of Mr Joseph Muganda as an Independent Non-Executive Director on the Board effective Tuesday 12th October 2021. “Mr Muganda’s addition to our Board will enrich...

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...

The International Finance Corporation (IFC) is set to lend $15 million (kes1.6 billion) to Guaranty Trust Bank Kenya for onward lending to Small and Medium-sized Enterprises (SMEs). The loan is part of...

CMA is mandated to regulate the structured spot commodity markets in Kenya. The Coffee Exchange Regulations were gazetted by the Cabinet Secretary of the National Treasury and Planning on 3 April 2020.

WPP Scangroup issued a profit warning, with expectations that the company’s full-year 2021 earnings will be at least 25% lower than Full Year 2020.

The independent analysis of Safaricom’s true value to society identifies the socio-economic and environmental impacts of the company and quantifies them in financial terms.

Nation Media Group (NMG) has completed a share buyback program that began on 28th June 2021 and closed on September 24th 2021 at 3.00 pm. The exercise saw the media company buy...

Kenya Electricity Generating Company PLC (KenGen) has kicked off the construction of a Research and Development (R&D) Centre at Tana Power Station located in Muranga County, in a move to boost innovation...

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...