Author: Muindi

East African Breweries Limited (EABL) posted $76.6 million in its half profit to December 2021 from $33.11 million earned in a similar period in 2020. The brewer attributed the 131 per cent revenue growth to margin expansion, prudent cost management in Kenya, following the lifting of the curfew and re-opening of bars in October 2021. “The Group’s profit after tax grew to $76.6 million, primarily driven by the higher net sales, margin expansion, robust cost management and the re-opening of bars in Kenya in the second quarter,” EABL said in the statement. During the period under review, net sales increased…

Airtel Africa will be joining the Financial Times Stock Exchange (FTSE 100) index with effect from Monday, 31 January 2022. The FTSE 100 index is a share index of the 100 companies listed on the LSE with the highest market capitalisation. The CEO of Airtel Africa, Mr Segun Ogunsanyasaid the telco joins the FTSE 100 only two and a half years (June 2019) after listing on the London Stock Exchange. “This achievement has been on the back of all the hard work and success achieved by everyone at Airtel Africa.” “We look forward to growing the company further as we…

Pula, a leading Agricultural technology that develops and deploys crops and livestock insurance, in partnership with APA Insurance announced KSh85.1 million as the initial payout to 13,523 insured farmers in the Coast region for losses incurred during the 2021 March to May season.  The farmers were drawn from Kwale, Taita Taveta, and Kilifi counties that had cultivated cowpeas, green grams, sorghum, and maize. “The payout, made through lead insurer APA Insurance, targeted farmers participating in the KCEP-CRAL Program established by the Government of Kenya with support from European Union, IFAD, and FAO,” Pula Advisors said in a statement. The KCEP-CRAL…

The Braeburn Group of International Schools says it is at an advanced stage to acquire Hillcrest International School.  A statement dated January 25, to parents, staff and students, says the parties have reached an “in principle” agreement on January 20 to sell the entire business and assets of Hillcrest Schools (kindergarten, preparatory and secondary), to Braeburn Schools Limited. The sale agreement is however subject to approvals from the Ministry of Education and the Competition Authority of Kenya. “On completion of the sale transaction, Braeburn intends to continue operating the Hillcrest Schools under the Hillcrest brand and offer the highest quality…

The International Monetary Fund, on Tuesday, slashed its global growth forecast for the calendar year 2022 to 4.4 per cent from 4.9 per cent projected in the previous World economic Report in October. “The global economy enters 2022 in a weaker position than previously expected. As the new Omicron variant spreads, countries have reimposed mobility restrictions. Rising energy prices and supply disruptions have resulted in higher and more broad-based inflation than anticipated, notably in the United States and many emerging markets and developing economies,” the IMF said in its report on Tuesday. https://twitter.com/IMFNews/status/1485976619609206784?s=20 “Global growth is expected to slow to…

Kenya has lifted an entry ban for passengers arriving from the United Arab Emirates (UAE). The temporary entry ban was imposed on January 10.  This move was in retaliation to the UAE issuing a ban on all inbound and transit passengers from Kenya in December 2021, citing fake COVID-19 certificates from Kenyan travellers. However, the ban did not affect cargo flights. Kenya Civil Aviation Authority (KCAA) Director-General Gilbert Kibe said the ban was lifted Monday midnight, offering relief to travellers between the two destinations. “Kenya shall do a NOTAM lifting the suspension of flights to and from UAE from midnight…