Author: Muindi

East Africa’s investment firm Centum on Friday reported a pretax loss of Ksh 2.05 billion in the second half of the year attributed to the coronavirus pandemic-induced disruptions. The company had posted Ksh 7.72 billion profit in a similar period last year.  East Africa’s investment firm Centum has posted Ksh 2.05 billion pretax loss in the first half of the company’s financial year from a Kes 7.72 billion profit the company posted in a similar period last year.  The company highly attributed the loss to the effects of the COVID-19 pandemic. The firm said its other income for the period…

Kenya Airways on Thursday started daily direct cargo flights from Mombasa to Sharjah International Airport in UAE and will gradually increase frequencies and destinations as demand grows. The introduction of a direct cargo flight schedule follows up joint discussions between KQ, the Mombasa County Government, and fresh produce stakeholders from the coastal region to enable them to transport cargo faster and more efficiently to customers outside of Kenya.  The average load of Fresh Seafood per flight is about 18.75 tonnes. Allan Kilavuka, CEO of Kenya Airways assured the fresh produce community the airline will continue to invest in growing its…

Nairobi Securities Exchange has introduced a digital learning platform called the NSE Digital Academy. The platform incorporates an automated Learning Management System (LMS) that will support virtual training and certification as well as a trading simulator which will offer participants the opportunity to have a virtual trading experience. Mr. Geoffrey Odundo, the Chief Executive said the academy is a testament of their commitment to enhancing access to financial markets education to Kenyans. “The launch of this academy will increase our public education touchpoints enabling us to enhance market knowledge and awareness, build capacity as well as drive retail and institutional…

Naivas supermarket launched its fourth branch in Nairobi Central Business District, occupying the space Nakumatt Holdings vacated at Hazina Towers along Monrovia street.  “The new store, a food market is the first of our stores of this format within the CBD. It will be stocked with a variety of quality products to choose from, ranging from fresh produce, branded food, general household items, electronics among many others,” Chief commercial officer Willy Kimani said.  The retailer targets a high number of footfall in Nairobi’s CBD and the growing population in Ongata Rongai, in line with its expansion strategy of increasing its…

Kenyans working across the globe sent home Ksh 28.4 billion ($263.1 million) in October, a 17.3% increase compared to Ksh 22.4 billion ($224.3 million) same period last year. Data from the Central Bank of Kenya further indicate that cumulative inflows in 12 months ending October 2020 totaled Ksh 324.6 billion outpacing last year’s performance when remittances amounted to Ksh 292.7 billion. Diaspora remittances are part of Kenya’s largest foreign exchange earner, largely contributing to the country’s forex reserves aimed at stabilizing the shilling. The Central Bank of Kenya conducts a survey on remittance inflows every month through formal channels that…

Carbacid Investments plc posted a 23% jump in net profit for the financial year ended 31st July 2020 to KSh324.7 million from KSh264.6 million in the previous year. The investment holding company that has invested in carbon dioxide gas production processing and marketing through its main operating subsidiary, Carbacid (CO2) Limited, revenue grew by 8.3% to KSh 682.9 million from KSh 630.5 million compared to the same period in 2019. In its half-year results, it recorded a 70% increase in net profit driven by a reevaluation of its equity investments. However, the firm said it was negatively impacted by an…