Total Kenya via the release of its half year results for the year 2019, announced that its net sales achieved a 48 percent increase to arrive at 65.21 billion Kenyan Shillings. The company’s gross profit, also saw a marginal increase of 1.6 percent from 4.08 billion Kenyan Shillings, to 4.14 billion Kenyan Shillings. Total Kenya’s operating expenses saw an increase as well of 1.78 percent to go from 2.98 billion Kenyan Shillings in the previous half year period, to 3.03 billion Kenyan Shillings. The company’s finance income, stood at 127.63 million Kenyan Shillings which is a 1.4 percent increase from…
Author: Tobey
According to reports Safaricom’s mobile money service; M-Pesa, is looking to expand its operations into Ethiopia and Nigeria. This is according to statements by the company (Safaricom)’s interim Chief Executive Officer (CEO); Michael Joseph. Since its launch in 2007, the innovative service by Safaricom PLC which is described by many as Africa’s biggest innovation in financially inclusive services, has grown tremendously. M-Pesa has also in recent times, partnered with global payment services such as Paypal, WeChat, and AliExpress, which also drove up its generated revenues. In Safaricom’s last financial report, M-Pesa contributed 75 billion Kenyan Shillings, which is roughly a…
According to Business Daily Africa, new report carried out by Chinese companies in Kenya showed that all Chinese companies operating in Kenya created more than 50,000 jobs in 2018 alone. The report which was released on Tuesday the 27th of July 2019, stated that there are 106 Chinese companies which currently run operations within Kenya, added that almost 95 percent of their workforce is Kenyan. It is important to note however, that the report did not clarify on whether the workers were casual labourers or actual contract workers. Chinese companies, both those owned privately and State-owned by the Chinese government,…
In a surprising turn of events the Chief Executive Of Kenya Airports Authority (KAA); Jonny Anderson has made it known that he will be quitting handling the reins of the parastatal on the 30th of September 2019, which 2 months before the official expiry of his term in November 2019. The surprising resignation brings his tenure (which began in July 2016) at the Kenya Airports Authority (KAA), to an end. The Chief Executive told workers at the autonomous body which is charged with the responsibility of providing and managing all airports in the Kenya through a memo, that he would…
On Thursday the 29th Of August 2019, Credit Bank signed a 1 billion Kenyan Shillings equity investment with social impact investor; Oikocredit. The investment, which is also subject to regulatory approvals, will see Oikocredit own a minority stake in Credit Bank. Credit Bank intends to use the equity investment from Oikocredit, to expand its Small to Medium Enterprise (SME) loan portfolio and to also further build on the trade finance solutions which it already offers. Oikocredit on the other hand will as an investor, work with Credit Bank to input social impact and impact measurement into Credit Bank’s lending activities.…
According to reports, the Kenya Revenue Authority (KRA) has today the 30th of August 2019, announced that it has teamed up with the Multi-Agency team on illegal trade, to destroy excisable products which are illegal with a market value of over 1.5 billion Kenyan Shillings at stony Athi, Kajiado County. Among the products destroyed were 104,786 bottles of Juice, 102,004 bottles of Wine, 82,538 bottles of Spirits and 25,070 bottles of beer. Other goods which were also destroyed were 93,670 bottles of water, 60,000 fake excise stamps and 6,450 packets of cigarettes. During the exercise products such as cigars, cigarillos,…
Kenya Airways, has recorded a 6 month loss of half-year loss more than doubled to 8.56 billion Kenyan Shillings. On the bright side while the company’s shareholders are in a negative equity position of 16.18 billion Kenyan Shillings according to Business Daily, its revenue jumped by 12.1 percent to 58.5 billion Kenyan Shillings in the same 6 month period, which is a far cry from the 52.1 billion Kenyan Shillings recorded last year (2018), in the first six month timeframe. The airline attributed the 112 percent increase in loss to higher operating costs, after its expansion into new routes, as…
Australia-based global impact firm According to reports by Business Daily Africa, Palladium which is a global impact firm based in Australia, unveiled a 4.1 billion Kenyan Shillings fund for investments into agribusiness value chains and off-grid clean energy ventures within Kenya. The fund which was launched last week and called the ‘Palladium Impact Fund I’, will also provide debt and quasi-equity investments to firms in Nigeria and Ghana as well. It aims to seal its first close later on in the year (2019). Palladium made it known via a statement, that it will manage the fund which is currently anchored…
Shoprite Holdings; Africa’s biggest retailer, has reportedly borrowed 571 million Kenyan Shillings (which is 84 million Rand), from Stanbic Bank Kenya. The loan will be channeled towards the company’s expansion plan which has already led to the company opening two stores in Nairobi and a third being expected this month (August) in Mombasa. The loan was revealed in the South African retailer’s latest investor update for the financial year which ended in June 2019. The loan from Stanbic Bank, is part of the 79 billion Kenyan Shillings debt it closed the financial year with, as it had opened 126 additional…
According to Business Daily Africa, 5 commercial banks in Kenya will earn an estimate of 16 billion Kenyan Shillings as interest on a 35 billion Kenyan Shillings syndicated loan which was given to the Kenya Pipeline Company (KPC) to build the new 48.4 billion Kenyan Shillings Mombasa to Nairobi oil pipeline. Co-operative Bank, Stanbic, Citibank (Kenya), Commercial Bank of Africa, Standard Chartered Bank and Rand Merchant Bank jointly lent the sum of 5.8 billion Kenyan Shillings each, to the State owned corporation. The loan was signed by the Kenya Pipeline Company (KPC) in the middle of July 2014 to construct…
In a move seen by many as a way to protect its users from predatory lending, Google has unveiled a new policy for mobile loan applications. The new developer policy is aimed at restricting developers from creating mobile applications which encourage reckless borrowing. Such policies are coming at a time when the Play Store is beyond saturated with mobile lending apps, mostly from Kenya. The decision by Google, mirrors the general concern regarding the growing number of malpractices on lending platforms. Although the tech giant had policies in the past, which banned applications that expose mobile users to harmful financial…
According to Kenyan Wallstreet, international mobile loans service; Tala, has secured $110 million (11 billion Kenyan Shillings) in series D funding. The feat was achieved on Wednesday, the 21st Of August 2019 in a new funding round which was led by RPS Ventures in partnership with GGV Capital, IVP, Revolution Growth, Lowercase Capital, Data Collective VC, ThomVest Ventures l, as well as PayPal Ventures. The move by the company which currently runs operations in 5 countries globally (Kenya, Tanzania, India, Mexico and Philippines), is intended to further accelerate its financial inclusion around the East African region. The General Manager Of…
Kenya’s National carrier Kenya Airways has signed a deal with United States based firm FlightSafety International for the training of pilots at its low cost subsidiary Jambojet in a move aimed towards boosting the safety of its operations. The deal comes at a time when the carrier has reportedly lost more than 100 of its highly trained pilots and engineers to Middle East Airlines as a result of poor pay. This is according to Business Daily. Kenya Airways had in the past, blamed the attrition to poaching of skilled staff by Middle East airlines, which has been luring the national…
According to reports by the Kenyan Wallstreet, the Nairobi Securities Exchange (NSE), is currently in the process of installing a new trading system. The trading system, purchased from the United Kingdom’s MilleniumIT for a sum of 110 million Kenyan Shillings. According to the Nairobi Securities Exchange (NSE), the new system will lead to an increase in liquidity through the multiplying of transaction volumes as well as attracting more retail investments. The management of the Nairobi Securities Exchange (NSE), made it known that the new trading system will lead to liquidity improvements through same-day settlements. Previously, it would take about 15…
