Author: Muindi

Stanbic Bank Kenya has announced its 2023 half-year results, showing a 47% growth in profit after tax to KES 7.1 billion, up from Ksh 4.8 billion in the same period in 2022. The bank attributed the improved performance to its diversified revenue streams, cost management, and digital transformation. Despite the negative effects of global and local economic trends on the business environment, Stanbic Kenya and South Sudan’s Chief Executive, Dr Joshua Oigara said that the Group achieved strong results by executing its strategy effectively. “We faced challenging market and geopolitical conditions that created monetary and fiscal pressure. However, we used…

Kakuzi, a listed agribusiness firm, has unveiled a new corporate identity and a range of private-label products for the local market. The products include macadamia nuts, flour, oil and blueberries. Kakuzi is close to launching a large-scale Blueberries production venture that will cost an estimated Ksh 4 Billion. The firm has also started operating a Macadamia Oil Extraction Plant to cater to the increasing demand for value-added products in its superfood portfolio. Kakuzi Chairman Nick Ng’ang’a said the new identity reflects the firm’s commitment to agricultural development and value addition. Crop Development PS Phillip Harsama said the government supports Kakuzi’s…

Kenya’s business conditions deteriorated in July due to reduced spending, street protests, weak demand, and high inflation. The Purchasing Managers Index (PMI) by Stanbic Bank, which measures the health of the private sector, fell to 45.5 in July from 47.8 in June, indicating a contraction for the sixth consecutive month. Key to note, a PMI reading of above 50.0 indicates an improvement in the business conditions, while readings below 50.0 indicate a deterioration. The survey revealed that this was the most rapid decline in output since August 2022, as new orders fell sharply amidst the political demonstrations and the cost-of-living…

Samsung Electronics and Warner Bros. Pictures will showcase upcoming movie trailers on Samsung’s Neo QLED 8K TVs in over 65,000 retail stores worldwide. The partnership aims to demonstrate the stunning capabilities of Neo QLED 8K technology and generate excitement for films in cinematic quality. “Collaborating with Warner Bros. allows Samsung to show consumers how ultra-premium TV technology can take their favourite films to a whole new level,” said Cheolgi Kim, Executive Vice President of the Visual Display Business at Samsung Electronics. Samsung’s Neo QLED 8K is powered by Neural Quantum Processor 8K and Quantum Matrix Technology, they bring immaculate picture…

Uber, a ride-hailing firm, and Safaricom have launched a partnership to allow riders in Kenya to pay for trips using M-PESA. This follows a previous collaboration with UberEats, the food delivery unit of Uber, that enabled consumers to pay for deliveries and delivery people to receive their earnings through M-PESA. https://twitter.com/SafaricomPLC/status/1686665380574416896?s=20 The partnership will benefit drivers who lack bank accounts, as about 20% of drivers on the Uber platform do not have bank accounts. Imran Manji, Head of East Africa at Uber, said the partnership brings the ease and convenience of mobile money to riders on the platform. “Through the integration…

House prices in the Nairobi Metropolitan Area declined by 0.5% in the second quarter of the year, compared to a 3.3% increase in Q2’2022, according to Hass Consult House Price Index Q2’2023 Report.  This decline was mainly due to corrections of 0.6% and 1.2% in detached and semi-detached house prices, respectively. Sakina Hassanali, Head of Development Consulting & Research at Hass Consult, a consulting and Real Estate development firm based in Kenya, attributed this decline to economic uncertainty. “Rising costs, prospects of higher taxation, and a higher cost of financing have resulted in reduced consumer confidence, stalling speculative demand on…