Equity Group Holdings reported solid financial results for the first quarter of 2024, with a record profit after tax of KES 16 billion. This was driven by increased net interest income and cost control measures. “We have been able to turn the tide from declining profit before tax 13% in December we are now at 21% and profit after from a decline of 5% we are up to 25% being able to give a reasonable return on assets,” Dr James Mwangi, Equity Group Managing Director and CEO said. “KES 16 billion for a quarter profit after tax is the highest…
Author: David Indeje
David Indeje
David Indeje is the Community Engagement Editor at Khusoko, East Africa’s leading digital business news platform. He shapes editorial content, drives audience engagement, and amplifies diverse voices. Beyond journalism, he consults on digital strategy across agriculture, governance, technology, and health, while examining AI’s role in the future of media. He also serves as Communications Officer at KICTANet, advancing digital inclusion and policy dialogue.
Human Mobile Devices (HMD), the Finnish company that designs and manufactures Nokia phones, has relaunched the iconic Nokia 3210. This phone, a symbol of the late 90s and early 2000s, focuses on helping users disconnect from their smartphones and embrace a digital detox. The relaunch comes amid a growing market for feature phones, also known as ‘dumbphones’. HMD’s Nokia 2660 flip phone sales doubled in 2023, reflecting a consumer desire for simpler devices. This trend is particularly strong among young adults (16-24), increasingly concerned about excessive smartphone use. “The Nokia 3210, a cultural icon, is back at the pinnacle of…
Safaricom, Kenya’s biggest telecoms operator, reported “outstanding” financial results for the full year ending March 31st, 2024, the company said on Thursday. Despite significant startup costs in Ethiopia, Safaricom’s EBIT (earnings before interest and tax) excluding Ethiopia reached KShs 139.9 billion, exceeding market expectations and the company’s guidance range (KES129billion-132billion). This represents a 3.5% year-on-year growth at the group level. The Group’s revenue grew by 13.4% to KShs 335.3 billion. M-PESA contributed a significant 42.4% of revenue (KES 140 billion), while the GSM business contributed 52.7% (KES173.9 Billion). Safaricom Kenya’s net income increased by 13.7% to KES 84.74 billion. Group net income, excluding minority interest, also showed a…
Africa is on the cusp of a demographic boom. According to the United Nations, sub-Saharan Africa is projected to experience explosive population growth, accounting for over half of the world’s increase between 2022 and 2050. This surge presents a unique opportunity: a massive pool of young talent ready to reshape the continent’s economic landscape. However, the gravity of the situation cannot be understated; Africa’s youthful population, brimming with potential, is grappling with a significant challenge: unemployment. Surveys conducted by Afrobarometer, a pan-African research network, reveal that addressing unemployment is the top policy priority for young Africans aged 18 to 35. Afrobarometer…
A $6 Billion Investment in Building a More Prosperous Future for African Businesses and Individuals
The International Finance Corporation (IFC) is investing $165 million in Airtel Africa to boost mobile connectivity in Africa. This funding will target Airtel Africa’s operations in Kenya, Rwanda, and the Democratic Republic of Congo (DRC). The project aims to deliver better connectivity and a more modern telecom experience for Airtel Africa’s customers in the three countries. Part of the funds will go towards upgrading Airtel Africa’s telecom networks and acquiring new equipment for 4G technology. Additionally, the investment will support expanding fibre optic cable capacity. The IFC’s investment will also help Airtel Africa refinance existing US dollar-denominated debt. “The CAPEX component…