Author: Muindi

Kenya’s biggest bank group KCB said on Tuesday it was presented with the Global Finance Award by the Global Finance Magazine during their 28th annual awards for the World’s Best Banks. The lender said this is the third year in a row it has been recognised for its robust market presence in the East African region, and its digital innovation to drive financial inclusion. “With such recognition, we are constantly motivated to continue putting in the effort to ensure we can serve our customers to the best of our abilities,” KCB Group CEO and MD Joshua Oigara said. Global Finance,…

Umeme Limited, Uganda’s main electricity distribution company, says it expects to post a net profit decline of up to 60% for the year ending 31 December 2020. In 2019, the company recorded a net profit of Ushs 139 billion ($37.88 million). It attributes the expected decline to the effects of COVID-19, regulatory lags and a suspension of the state’s free connections policy. “The reduction in profitability is attributed to the effects of the Covid-19 pandemic, regulatory lag, and suspension of the Government’s free connections policy.” The Company’s operations include operating and maintaining an electricity network, meter reading, billing, revenue collection…

Property fund Ilam Fahari I-Reit reported a 15.5% decline in profit to Kshs 148.0 million in FY’2020 from Kshs 175.2 mn in FY’2019 The fund, which is managed by ICEA Lion Asset Management attributed the decline to a reduction in fair value gain on revaluation of investment property compared to prior year against the backdrop of Covid-19 pandemic whose “impact is a material valuation uncertainty in the short to medium term,” it said. Rental income declined by 0.9% to Kshs 341.2 mn, from Kshs 344.3 mn in FY’2019 mainly attributable to the COVID-19 impact on the retail and commercial office…

Kakuzi to increase its dividend to KShs 18 per share Agricultural firm Kakuzi PLC posted has reported a 13% decline in net profit to KSh 622 Million at the close of the period ended 31st December 2020 compared to a net profit of KSh 713.4 for the same period 2019. The firm’s pre-tax profit declined to KSh 847.5 Million in 2020 from the previous KSh 1,014 Million in 2019. The listed firm achieved robust results for the year, despite the uncertainty in its main sales markets caused by the COVID-19 Pandemic. “The pandemic created significant disruption in our main European…

Logistics firm, Siginon Group says it has invested USD 2.4 Million in expanding its fleet driven by increasing customer demands for reliable cargo transportation by road. The Kenyan logistics company with operations in Kenya, Uganda, and Tanzania, through the investment, they have acquired an additional fleet of 40 trucks. Meshack Kipturgo, the Siginon Group Managing Director said, “The acquisition of the additional trucks ensures that we meet the growing demand for efficient cargo movement by road from both the Port of Mombasa and the Inland Container Depot (ICD) in Embakasi. We will continue to listen to the voice of our…

Safaricom, Kenya’s telecom market leader has been awarded the 2020 top taxpayer in the country under the Large Taxpayers category by the Kenya Revenue Authority (KRA). KRA said it recognised the telco for its “outstanding contribution to the development of our economy through diligent payment of taxes.”  “As a recipient of this award for 13 years in a row this recognition speaks to our commitment in following the required tax regulations as we continue to support the economy through job creation, taxes and duties that we pay,” Safaricom Chief Executive Officer Peter Ndegwa said Wednesday. Safaricom paid KSh98 billion in…