Author: Muindi

Old Mutual Holdings PLC has successfully turned around its financial performance, reporting a net profit of KSh 249 million for the first half of 2024. This marks a significant improvement compared to the net loss of KSh 348 million recorded in the same period last year. The conversion of shareholder loans into equity led to a substantial decrease in finance costs. A reduction in the effective tax rate from 150% to 70% positively impacted profitability. Despite the overall profit, operating profits fell by 27% due to increased claims and reinsurance expenses. However, shareholders will not receive an interim dividend this…

Don Julio 1942, a renowned premium tequila, has become a popular choice among Kenyan film enthusiasts. The brand’s commitment to supporting the Kenyan film industry was evident at the 13th Kalasha International Film and TV Awards, where it partnered with the after-party, “A Night with The Stars.” “We are proud of our commitment to supporting the film industry in Kenya. We look forward to forging further partnerships with industry stakeholders to contribute to its continued growth and development,” said Victoria Mbugua, Brand Manager for Don Julio. The Kalasha Awards is a prestigious event celebrating excellence in the Kenyan film industry. This…

NCBA Bank has solidified its presence in Kiambu County by opening new branches in Githunguri and Limuru. The Githunguri branch is located near K-Unity, while the Limuru branch can be found at Mumbi House, adjacent to Farmer’s Choice. These expansions come shortly after the bank’s significant decision to eliminate all monthly fees for retail banking accounts, effective July 1, 2024. “Our branches in Limuru and Githunguri are strategic additions to our ongoing expansion plan,” said NCBA in a statement. “We are committed to providing exceptional customer service at every touchpoint.” Susan Gatwiri, Kiambu County’s CEC for Trade, Industrialization, Tourism, and…

Absa Bank Kenya Plc posted a robust financial performance for the first half of 2024, with Profit After Tax (PAT) surging by 28.9% to Kshs 10.7 billion compared to Kshs 8.3 billion in the same period last year. The bank’s net interest income increased by 19.7% to Kshs 23.0 billion, while net non-interest income rose by 8.4% to Kshs 8.8 billion. These positive developments were offset by a modest 8.3% increase in total operating expenses, primarily driven by higher staff costs and other operating expenses.  “This commendable outcome realized amidst a challenging macro-economic environment, underscores the efficacy of the Bank’s…

China Square, a leading international retailer, has opened its fourth store in Kenya, located at Nyali Bazaar Mall in Mombasa County. The new store offers a wide range of affordable products, including appliances, furniture, stationery, and home decor. This expansion marks China Square’s continued growth in the Kenyan market. The new store is expected to create job opportunities and stimulate economic activity in the Nyali area. “Additionally, the entry of a large retailer like China Square may drive up demand for retail spaces in the area as smaller businesses seek to establish nearby to tap into the increased foot traffic…

The National Research Fund (NRF) has announced the recipients of the inaugural National Outstanding Research Awards at the closing ceremony of the Kenya National Research Festival 2024. Winners of the National Outstanding Research Awards Professor Mary Abukutsa-Onyango: Recognized for her work in agricultural sciences, focusing on indigenous vegetables and plants. Dr. Oscar Omondi Donde: Honored for his contributions to environmental sustainability, particularly water resource management and ecosystem health. Christine Wayua Musyimi: Celebrated for her innovative research in community mental health. Eng. Aggrey Shitsukane Shisiali: Acknowledged for his expertise in electrical and electronics engineering and TVET. Lifetime Research Awards Professor David…