Author: Korir Issa

East African Breweries (EABL) net earnings plummeted by 12% to KES 10.9 billion in the fiscal year ending June 30, 2024, primarily due to a surge in illicit alcohol consumption. The company grappled with a challenging operating environment characterized by high interest rates, forex losses, inflation, and social unrest across its East African markets. EABL Chairman Martin Oduor Otieno disclosed that the challenges led to foreign exchange losses surging by 10% to KES 28.8 billion. Economic pressures compelled consumers to shift towards cheaper, illicit alternatives, impacting EABL’s sales. Despite a 13% increase in net sales to KES 124.1 billion, driven…

Kenya’s retail market outlook remains neutral due to a complex interplay of positive and negative factors according to Kenya Retail Report 2024. Positive factors expected to drive increased demand for retail space include Nairobi’s growing reputation as a shopping destination, improving infrastructure, a rising middle class, and expansion efforts by both local and international retailers. Conversely, negative factors likely to constrain demand and hinder retail space uptake include a significant oversupply of retail space in key regions, the rapid growth of e-commerce, declining consumer spending power, and political instability. According to Cytonn Investments, Kenya’s retail landscape underwent a significant transformation…

Kenya’s Gedi Ruins, a remarkable testament to Swahili civilization, have been inscribed on the UNESCO World Heritage List. Joining iconic sites like Mount Kenya and Lamu Old Town, Gedi is now recognized for its exceptional cultural and historical significance. “We are deeply honoured by this inscription, which underscores the importance of safeguarding and promoting our rich cultural heritage,” stated Mary Gikungu, director general of the National Museums of Kenya (NMK). Hidden within a lush coastal forest, the Gedi ruins offer a captivating glimpse into a once-prosperous Swahili city that flourished between the 13th and 17th centuries. The site’s remarkably preserved…

British American Tobacco Kenya (BAT Kenya) has reported a decline in profits for the six months ended June 2024. The company’s turnover dropped by 6.47% to Ksh19.64 billion, while operating profit fell by 2.96% to Ksh3.77 billion. Profit before and after tax both declined by 24.31% to Ksh3.05 billion and Ksh2.14 billion, respectively. “The operating landscape was characterised by geo-political disruptions, inflationary pressures and currency volatility. During the period, the Kenya Shilling recorded a significant appreciation (approximately 22 per cent) against the United States Dollar (our exports trading currency) which resulted in substantial foreign exchange losses,” said Waeni Ngea, BAT…

Global electronics leader, Hisense, has unveiled plans to expand its presence in multiple regions, including the Middle East and Africa (MEA) region. The expansion builds upon recent success and aligns with their broader global strategy announced at their Partner Conference in Berlin, as reported by Arabian News. Chairman Jia Shaoqian announced strategic investments during a recent visit to Dubai. Since 2019, Hisense has witnessed a remarkable surge in the MEA market, with business revenue doubling and brand equity exceeding a 120% increase. The firm plans to establish new production facilities starting in Egypt in late 2024. This is expected to…

Leading Fast Moving Consumer Goods Manufacturer, Bidco Africa has entered the baby care market with Gental Care Pant Diapers. This move capitalizes on a growing consumer preference for pant diapers over traditional tape diapers, which currently dominate the market (80% share). Bidco’s market research revealed a critical gap: a lack of readily available information for mothers regarding diaper care. Notably, a common misconception about removing pant diapers highlighted the need for educational initiatives. In response, Bidco is positioning Gental Care as a premium-quality pant diaper offered at an accessible price point. They plan to establish a local manufacturing facility in…