Author: David Indeje

The Kenyan shilling closed KSh 107.35 per US dollar on Friday versus Thursday’s close 107.40.  The currency exchanged at KSh 107.35 per US dollar on July 16 compared to KSh 106.96 per US dollar on July 9 according to the Central Bank of Kenya. “The Kenya Shilling weakened against major international and regional currencies during the week ending July 16, on account of unevenly matched demand and supply of dollars in the interbank market,” said the CBK in its weekly bulletin. If the currency continues to weaken, merchandise importers will have to pay a higher price for their commodities which…

Williamson Tea Kenya (Plc) says it posted a Net Profit of KSh 137 Million for the financial year ended 31st March 2020 compared to a loss of KSh 172 Million in the same period last year. “The very large crop volumes experienced at the end of the financial year and the reduced demand pushed the price of tea down as too much supply overtook demand with he average prices falling by 12 percent,” the firm said in its audited results. According to the Nairobi Securities Exchange (NSE) listed firm, its operation costs decreased to KSh 33 million from a loss…

Green leaf production by factories affiliated to the Kenya Tea Development Agency (KTDA)  recorded an increase of 28.5 percent for the year ended June 30. The 28.5 percent reflects an increase of 1.448 billion kgs compared to 1.127 billion kgs over a similar period last year. KTDA attributes the increase to continued favourable weather across tea-growing regions and improved crop husbandry practices among tea farmers. In addition to the better payments and services offered to tea farmers. “This growth came amid a tumultuous second half of the year that saw global tea prices plummet on the back of product oversupply…

Kenya’s Ministry of Health on Thursday launched the Primary Health Care strategic framework, and the Community Health Policy to support primary healthcare in the country. The ministry said this was a justification for its commitment to revitalize the Primary Health Care systems in Kenya, as a critical pillar in the realization of Universal Health Coverage. Mutahi Kagwe, cabinet secretary in the Ministry of Health, said the primary healthcare strategic framework 2019-2024 and community health services policy 2020-2030 will ensure that health services provided are responsive to the specific needs of the community. “These two documents will bring healthcare closer to…

British American Tobacco Kenya (BAT) posted an eight percent growth in profit in six months to Ksh.2.7 billion from Ksh.2.5billion a year earlier. The growth was largely attributable to lower costs of operations and financing costs in the period. The company’s costs of operations fell by 10.1 percent to Ksh.6.8 billion as finance costs declined to Ksh.81 million in the period from Ksh.126 million last year. However, its net revenues went down 7.1 percent in the six months period ending June 30 at Ksh.10.5 billion from Ksh.11.3 billion from lower sales. “This was driven by lower domestic and export revenue…

Kenya’s biggest lender, KCB Group’s Outlook has been revised from stable to negative by global credit rating agency Fitch Ratings attributing to the economic effects of the coronavirus pandemic. Ratings are calculated on a scale of 11 predictors, with Fitch relying on independent auditors,  other experts to produce IDRs. The rating agency views that the lender’s asset quality weakened following the consolidation of National Bank of Kenya’s problem loan book, as highlighted by a 300bp increase in its impaired loans in 2019. However, Fitch says it “…has a positive view of management quality and corporate governance.” NBK was acquired in…