Author: Muindi

The absorption of Grade A and B office space in Nairobi increased by 64 per cent according to Knight Frank’s 1st Half 2021 Kenya Market Update report. The increase was attributed to the roll-out of vaccinations globally providing occupiers with confidence to resume looking at their occupational strategies. During the review period, prime residential rents declined at a slower rate of 6.02 per cent over the past 12 months to June, compared to a 7.62 per cent decline in a similar period last year.  This change was attributed mainly to the reopening of the economy, roll out of vaccinations and…

CIC Insurance Group on Wednesday reported a KSh259.5 million net profit in the half-year ended June 2021. The group had posted a net loss of KSh335.5 million the year before. The strong performance was boosted by resilient growth in the topline and strong investment returns it said. The Nairobi Securities Exchange-listed firm said its Gross Written Premium grew by 16% to KShs 10.8 Billion from KShs 9.3 Billion driven by growth in all businesses. “Investment income saw a marked improvement and this was mainly due to unwinding of prior year’s foreign exchange losses in South Sudan and gains from our…

Kenya’s Eliud Kipchoge won the Tokyo Olympic men’s marathon in Sapporo on Sunday. Kipchoge, the greatest marathoner of all time finished in two hours, eight minutes and 38 seconds. This was his second straight gold medal.  Abdi Nageeye of the Netherlands took silver at 2:09:58 and Belgium’s Bashir Abdi won bronze. The 36-year-old joins Ethiopia’s Abebe Bikila (1960 and 1964) and East Germany’s Waldemar Cierpinski (1976 and 1980) as the only runners to win back-to-back gold medals on the Olympic stage. “I think I have fulfilled the legacy by winning the marathon for the second time, back-to-back. I hope now…

Football Kenya Federation (FKF) has ended its partnership with Nigerian-based betting firm Betking. The KSh 1.2 billion was a five-year sponsorship deal signed mid-2020. The two said they had reached a mutual agreement to terminate sponsorship contracts for the BetKing Premier League (BKPL) and BetKing Division One League. “FKF and Betking will explore other ways in which we can collaborate in the future. Unreservedly, FKF confirms that the support received from Betking has played a crucial part in fostering the growth of the local football game,” said the federation,” the joint statement read in part.  “Despite the mutual agreement to…

Sameer Africa Plc reported a net profit of Ksh 154.5 million in the six months ended June quarter ended June 30 from Ksh 58.6 million loss in 2020. Group revenues declined by 27 per cent to Ksh 323 million due to the gradual re-entry into the tyre business. In February, it said it will run tyre business under the Yana brand anchored on ‘both the company’s real estate portfolio and its extensive tyre industry experience’. On the other hand,  its operating expenses dropped to Ksh 58.4 million from Ksh 128.4 million in a similar period last year.  Sameer’s earnings per…

Kenya Airways’ wholly-owned subsidiary Jambojet will commence flight operations to North Kivu Capital, Goma in the Eastern Democratic Republic of the Congo, and to the Coastal Island of Lamu as part of its expansion program. The inaugural flight to Goma will be on 10th September 2021 and the airline will fly to Lamu starting 15th September 2021. In a statement Wednesday, the airline’s chairman Vincent Rague said initial flights to Goma will involve two weekly frequencies eventually growing to four, between Monday, Wednesday, Friday and Sunday.  The airline will also operate four frequencies to Lamu.  “Three years ago, we embarked…