Author: David Indeje

Diamond Trust Bank’s (DTB) is the latest lender to issue a profit warning for the year ended December 31. The lender in a statement to Khusoko said its performance for the year was affected by the Covid-19 containment measures which hurt trade flows and created uncertainty on export, hospitality, real estate, aviation, tourism and agribusiness subsectors, forced it to increase loan loss provisions. “This is primarily due to an increase in impairment provisions in light of the Covid-19 pandemic as well as an increase in restructured and delayed loan repayments as the Covid-19 impact on customers intensified during the year,”…

Demand for skincare products in Kenya registered an overall decline of 27 per cent in 2020 according to PZ Cussons East Africa Managing Director Sekar Ramamoorthy. Ramamoorthy says the decline is attributed primarily to lower consumer confidence and reduced spending. The firm said that recent industry reports had shown the first quarter of the year registered a 6 per cent decline, which subsequently accelerated in the second quarter by 21 per cent. Ramamoorthy disclosed the data when they announced a Ksh 30 million drive to grow its youthful market target with a national campaign that will see the firm reignite…

South African retailer Shoprite will exit the Kenyan market within January citing strategic irrelevance of the business. The retailer posted record losses in excess of KSh3.2 billion according to its Financial Results for the year ended June 28. “Kenya, with three stores at year-end, has continued to underperform relative to our return requirements,” part of the report reads. The Kenyan unit has notified Kenya Union of Commercial Food and Allied Workers that it will shut its head office this month. “In line with the company’s decision to exit the Kenyan market, it intends to permanently close its home office. It…

Kenya’s Transport Ministry has declared the Nairobi Expressway as a toll road through a gazette notice. According to the notice signed by Cabinet Secretary for Transport, Infrastructure, Housing, Urban Development, and Public Works, James Macharia, takes effect immediately. “The dual carriageway with Class A standard that connects the Mlolongo with James Gichuru Road along the median strip of the A8 National Road is declared to be Toll Roads, with immediate effect,” reads part of the notice. The Toll Roads start from African Inland Church, Mlolongo and it runs in the central reserve all the way to James Gichuru.  From Mlolongo…

Turkish clothing retailer LC Wakiki opened its first flagship store in Uganda’s capital Kampala. It is located in Acacia Mall, a high-profile shopping complex. Turkey’s Ambassador to Uganda Kerem Alp said, “We have been giving many Ugandans visas to go to Turkey for garment shopping, and unfortunately due to COVID-19, many may not be able to go to Turkey now or in the near future.” “I am glad that you can access the best of Turkey from right here.” Uganda becomes the second country in East Africa where LC Waikiki has expanded its brand as part of its Africa growth…

Kenya’s year-on-year inflation in December 2020 increased to 5.62% compared to 5.46 % recorded in November 2020 due to a rise in prices of good and services according to the Kenya National Bureau of Statistics. During the month, food inflation had witnessed significant price increases between November and December 2020, at 2.45%. Cost of transport, which comprises 9.65% in weight of the household basket, was up 1.15%, while rent, electricity, water, cooking gas, and other fuels were also up in December by 0.59% compared to November 2020. Food items that had the highest price increases were led by Spinach (1KG), whose…