Author: David Indeje

KenGen, Kenya’s biggest electricity producer, reported a 7 per cent Profit Before Tax of Ksh.14.76 billion from Ksh 13.79 billion for its full-year financial year ended 30th June 2021. KenGen Managing Director and CEO, Rebecca Miano said the profit growth was achieved on the back of continued revenue growth underpinned by the company’s diversification strategy. “Revenue increased by 4.06% from Ksh.44.110 billion in 2020 to Ksh.45.901 billion. This was mainly attributed to revenues from geothermal, hydro generation and the diversification venture at Tulu Moye in Ethiopia. The ongoing geothermal drilling services in Tulu Moye contributed Ksh.1.784 billion compared to Ksh.440…

Naivas Supermarket has replaced cash strapped Uchumi along Aga Khan Walk at the Uchumi House strengthening its retail presence in Nairobi’s Central Business District. The 20,000 square feet retail space becomes Naivas’ 6th branch within Nairobi. Other outlets are Muindi Mbingu Express, Ronald Ngala, Moi Avenue, Development House and Lifestyle Foodmarket. The company said the expansion within the city aims to serve its growing population. “I reiterate that the city’s population is still underserved, given that at least 3million people work, transit through or transact business within the CBD on a daily basis. This of course means they need to…

Coca-Cola Kenya on Friday rolled out its worldwide brand philosophy and platform called Real Magic in the Kenyan market. Real Magic is the first new global brand platform for Coca-Cola since 2016 and was launched alongside a refreshed visual identity for the company, as well as a new perspective on the Coca-Cola logo. In Kenya, the company has been in existence for 70 years since 1951. “We continue to invest in the market. Over the last five years, for example, we put about $400 million dollars for the state of the art manufacturing and getting us great lines in play. But we…

Facebook Inc is now called Meta, chief executive officer Mark Zuckerberg said on Thursday. “Right now, our brand is so tightly linked to one product that it can’t possibly represent everything that we’re doing today, let alone in the future,” said Zuckerberg. Zuckerberg said the new name, coming from the Greek word for “beyond,” symbolized there was always more to build. He also said the new name also reflects that over time, users will not need to use Facebook to use the company’s other services.   Zuckerberg had said in July that over the next several years the company would transition…

Airtel Africa business reported a net profit of $192 million in the fiscal second quarter, which more than doubled year-on-year (YoY) and rose over 35 per cent sequentially. The profit growth was on the back of a sharp reduction in finance costs coupled with strong growth in data and mobile money revenues. Revenue for the quarter to September rose 20 per cent on-year and 4.31 per cent sequentially to $1.16 billion, the company said on Thursday. “Our first-half financial performance has been strong. The first half of last year, and especially Q1, was impacted by the start of Covid, but…

Africa’s Gross Domestic Product (GDP) risks contracting by up to 30 per cent by the year 2050 if action is not taken, Kenya’s President Uhuru Kenyatta. Kenyatta noted that climate change will have a devastating socio-economic impact across the world and quite severely in Africa.  “While it is relatively more difficult to design and implement adaptation projects and while fewer resources are currently available for adaptation, we should not lose sight of the fact that adaptation is, without doubt, smart economics,” he said. “An investment of $800 million in developing countries, in climate adaptation programs, would see and result in…