East African Breweries PLC (EABL) posted a flat growth in earnings for the half year ended December 31, 2022, as high inflation and excise taxes affected sales growth. The Group posted an Sh8.7 billion net profit under review, a marginal decline from the Sh8.73 billion posted in the same period in 2021. Group volumes declined by 4 percent year-on-year as price increases impacted consumer purchasing patterns, mainly in mainstream and value segments. Net sales grew at a slow 4 per cent to Sh57.3 billion from Sh54.8billion in HY 2021. “EABL faced an exceptionally challenging time related to macro-economic volatility and…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
The United Kingdom has announced changes to the visa application process for Kenyans planning to visit the country. Kenyans will now wait three weeks, down from six months. Jane Marriott, the United Kingdom’s High Commissioner to Kenya, said the three weeks waiting duration also includes persons applying for a visa to travel through the UK on their way to another country. This applies to Kenyans applying for visas to visit the UK for a holiday or to see family or friends, to make a business trip or meeting, to get married or to study for six months or less will…
Justice Mugure Thande declined to extend orders compelling Safaricom and the Central Bank to suspend the reinstatement of charges for bank-to-wallet transactions. This means financial institutions and mobile money operators can now levy fees for transferring cash between their platforms. Justice Mugure said the application to join the regulator, and the telcos are yet to be determined. The court issued an interim order on December 19, 2022, freezing the charges pending the hearing of the petition filed by Moses Wafula. The CBK, through senior counsel George Oraro opposed the extension of the order, arguing that the regulator and the banks…
The Board of TransCentury PLC has extended the Ksh2 billion rights issue offer to February 3, 2023. “Upon request from some shareholders, the TransCentury Board has considered and agreed to extend the rights issue offer,” the company said in a statement on Tuesday. “The company has received approval from the regulator on the same.” The cash call opened on December 29. Proceeds of the rights issue will be used to settle debts owed to creditors, repay part of the holding company debt owed to lenders, and unlock additional working capital financing for the Group and its subsidiary businesses. Trans Century…
More than 130 children living with disabilities at Eldoret’s Jawabu Rehabilitation Centre in Uasin Gishu have benefitted from facilities constructed by Safaricom and M-PESA Foundations to support their education and well-being. The intervention by the two foundations will enable the facility to increase its capacity to accommodate children living with disabilities and improve care delivery. The M-PESA Foundation constructed and equipped a physiotherapy room and a dining hall, while Safaricom Foundation built and furnished a 144-bed capacity dormitory. @MPESA_FDN constructed and equipped a dining hall, did some landscaping work and built and equipped a physiotherapy room with crucial tools for…
Ethiopia’s Prime Minister Abiy Ahmed has appointed Mamo Mihretu, as governor of the National Bank of Ethiopia. He replaces Yinager Dessie. https://twitter.com/PMEthiopia/status/1616303869486678016?s=20&t=Jz0TIwg1d5YFDzNtU8fYbQ Mamo is currently the chief executive officer of state-owned Ethiopian Investment Holdings. He previously served as a senior policy adviser to Prime Minister Abiy Ahmed and the nation’s chief trade negotiator and as a senior private sector specialist at the World Bank, according to the World Trade Organization. Mamo holds an LLB degree from Addis Ababa University, a diploma in international trade and investment from the University of Amsterdam, and a Master of Public Administration from Harvard Kennedy…