Author: David Indeje

Chinese smartphone brand Xiaomi posted better-than-expected results for the fourth quarter of 2021, with a 21.4 percent rise in revenue and 39.6-percent growth in profit.  The company reported a 40 percent jump in adjusted net income to $702 million in the last three months of 2021. For the 2021 financial year, Xiaomi reported total revenue of 328.3 billion yuan, 33.5 percent higher compared with revenue made in 2020.  “2021 was a year of outstanding revenue and profit growth for Xiaomi,” Mr. Lei Jun, Founder, and CEO of Xiaomi Tweeted. https://twitter.com/leijun/status/1506252238510968832?s=20&t=tSyVFNeXm3u9VBxYB4xNtA The smartphone maker says it managed to grow its worldwide…

Daikin Industries, a Japanese airconditioning systems manufacturer, will finally be expanding in Kenya as part of its global strategy to increase its footprint across the emerging markets. Its entry was delayed in 2020 due to the Covid-19 pandemic.  “Kenya has been globally highlighted as the new hot spot for business growth and Daikin is poised to partner in this economic & infrastructural development,” Daikin Industries said in an emailed statement Tuesday. The East African market has great potential for air conditioning penetration, which will be supported by the Daikin production facilities in India, according to Daikin India Chairman and managing…

Charles Leclerc of Ferrari won the Formula One season-opening Bahrain Grand Prix on Sunday after reigning champion Max Verstappen was forced out with engine trouble with just two laps remaining. https://twitter.com/Charles_Leclerc/status/1505638629619740684?s=20&t=ST8sr7EbAoPuEKYey-t-8A Carlos Sainz made it a Ferrari one-two while Lewis Hamilton snatched third place for Mercedes after Sergio Perez added to Red Bull´s disastrous day by spinning out of the race on the last lap. “That’s exactly how we should start the season. One-two baby, one-two. Mamma mia,” Leclerc said on the team radio. https://twitter.com/Carlossainz55/status/1505617819446263813?s=20&t=ST8sr7EbAoPuEKYey-t-8A Once the race trophy was in his hands, Leclerc said: “I’m so happy. We knew…

Naivasha-based Keroche Breweries is set to settle a KSh957 million tax dispute with Kenya Revenue Authority in 24 months starting from January 2022. The development comes after a week-long engagement between the two. “The addendum agreement which sets the stage for the reopening for production of the Naivasha based brewery will see Keroche settle an undisputed tax amount of Sh957,000,000 over a period of twenty-four (24) months starting from January 2022,” KRA said in a statement. Earlier, the brewer had appealed to KRA  to grant it a grace period of 18 months to clear taxes in arrears while paying the…

The Central Bank of Kenya has announced a tap sale worth Ksh 31.5 billion with the period of sale closing Friday for its three reopened bonds –a five-year, 15-year and 25-year paper. Initially, the CBK had sought to raise Ksh 50 billion from the bonds. It only received bids worth Kshs 40.9 billion and accepted bids worth Kshs 18.5 billion, translating to a 45.1 percent acceptance rate. The sale is going at the average accepted yield rate of 12.0 percent, 13.7 percent, and 14.0 percent for FXD1/2021/05, FXD1/2020/15, and FXD1/2021/25, respectively. “The subscription of the fixed coupon bonds was below…

KCB Group said on Wednesday its pre-tax profit for the financial year 2021 witnessed an 86 percent increase to Ksh 47.8 billion.  Its net profit surged by 74 percent riding on an economic recovery across markets – in Rwanda, Burundi, Tanzania, Uganda, and South Sudan. Net profit grew to Ksh 34.2 billion compared to Ksh 19.6 billion a year earlier, on the back of increased income, cost management, and lower credit provisions which saw the Group post higher returns to shareholders. “We made significant progress in achieving our 2021 strategic targets which delivered a strong financial performance that was in…