Author: David Indeje

Agricultural firm Kakuzi PLC posted a decline in profit before tax for the period to June 2020 to KSh 204.1 million compared to a profit of Ksh 355.1 million for the same period last year. The firm’s net earnings for the period to 30 June 2020 was Ksh  272.8 million compared to Ksh 245.5 million for the same period last year due to the release of a deferred tax provision in view of the reduction of the Corporate tax rate to 25 percent from 30 percent by the Government. “During the first half of the year, avocado profits are on…

The Nairobi Securities Exchange (NSE) has reviewed its two benchmark share indices, NSE 20 and NSE 25, dropping Kenya Airways from both counters for Jubilee and Stanbic. In a statement, it said it has replaced Kenya Airways with Stanbic Holdings PLC on the NSE 20 share index and with Jubilee Holdings PLC in the NSE 25 share index to ensure they reflect an accurate representation of market dynamics. “In line with global best practices, the Nairobi Securities Exchange (NSE) has reviewed the constituent counters of its two benchmark indices, the NSE 20 and NSE 25 Share Index incorporating the inclusion…

The Nairobi Securities Exchange (NSE) on Wednesday announced the launch of the 2020 edition, of the Excellence in Financial Reporting FiRe Awards’, which are key in improving reporting and corporate governance practices in the sector. This year’s theme is “Financial Reporting Excellence in a Disruptive Environment”. Geoffrey Odundo, Chief Executive, NSE said, “Excellent financial reporting will be critical in supporting the country’s economic recovery strategy as well as build confidence on Kenya’s economic prospects.” The coveted FiRe Award is in its nineteenth year since it was launched in 2002. The awards seek to promote and recognise excellence in financial reporting,…

The Kenya Private Sector Alliance (KEPSA) has called for the expulsion of firms implicated in the theft of COVID-19 funds, from its membership. Carole Karuga, the sector’s chief executive urged its membership to self-audit to identify any that would have been involved in business malpractices. “These self-examinations should include expelling from their memberships any companies or individuals found to be involved in the embezzlement of Covid-19 funds,” she said in a statement issued Tuesday. She also urged the relevant government agencies to undertake an urgent, independent and transparent audit of the use of all COVID funds raised, including those raised…

Equity Group Holdings PLC (EGH) on Tuesday reported a 24 percent decline in its consolidated net profit at Ksh 9.1 billion for the period ended June 30, 2020.  Profit declined from Ksh 12.0 billion to Ksh 9.1 billion for the corresponding period the previous year. Topline net interest income was up 17 percent to Ksh.24.6 billion up from Ksh.21.1 billion the previous year driven by a 22 percent growth in loan book from Ksh.320.9 billion to Ksh.391.6 billion. “Despite NPLs showing a minimal decline from 10.9 percent to 10.7 percent quarter on quarter basis and stabilizing below the 13.1 percent…

The Ministry of Public Service Youth and Gender Affairs on Monday reopened the Huduma Centre GPO Nairobi after it was temporarily closed due to the COVID-19 pandemic, but one needs an appointment.  Huduma Centers are one-stop-shop citizen service centers that provide National and County Government Services from a single location. In a statement, the ministry said one needs to book an appointment in order “To minimise the traffic as well as time spent queuing for services.” As a result, they have rolled out a service appoint system commencing with the Huduma Center GPO. To book an appointment, visit www.hudumakenya.go.ke, select…