Housing Finance Group has reported a pretax loss of Ksh 642,744 Million for the year ending 31st December 2018 hard-hit by a slowdown in the real estate sector and an increase of non-performing loans (NPLs). The mortgage provider said its NPLs rose to Ksh 8.7 billion from Ksh 5.2 billion during the period under review. Its total operating expenses increased to Ksh 4.2 billion up from Ksh 3.9 billion against total net income of Ksh 6.04 billion which declined from Ksh 7.1 billion recorded in the previous year. During the period under review, the group recorded an increase in non-performing…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Williamson Tea Kenya (Plc) has issued a profit warning that its earnings of the financial year ending 31st March 2019 are expected to be at least 25% lower than that of the financial year ended 31st March 2018. It cites uneven and unpredictable weather patterns and the inability to control rising labour costs. The Nairobi Securities Exchange (NSE) listed firm in November 2018, reported a Ksh85.1 million half-year loss for the period ended September 2018 as increased quantities of tea available for sale depressed the prices. “The amount of tea on offer remains high and unless this situation alters and…
KCB Bank Kenya has opened the application process for the entrepreneurship reality show KCB Lions’ Den Season 4. The reality Tv show provides fresh opportunities for entrepreneurs a platform to scale up their businesses. “The mighty Lions of the jungle are looking for a new pride and you could just be their new business buddy. The Lions have so far signed deals worth KShs. 219.4 million for the past 3 seasons. This time, they come ready, hungry and eager to invest in the next big business,” announced Judith Sidi Odhiambo-Head of Corporate & Regulatory Affairs in a statement. The 8-week…
Kenya’s retail market is not short of the capacity for innovation and thus, many invest in research to understand where new opportunities will arise. Most retailers have invested a lot in a bakery, fresh fruits, and vegetable sections by offering a variety of products that attract not only health-minded shoppers but also those with an eye for indulgence. Skypex Supplies Ltd, a Kenyan local distribution network for the world’s leading brands bakery & pastry ingredients and Pristine Baking Solutions, named Majid Al Futtaim, the franchise holder of Carrefour Supermarket in Kenya Bread Bakery of the Year. The retailer was named…
Majid Al Futtaim, the leading shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, has finalized major refurbishment work at its Carrefour stores located in Village Market, Junction and Thika Road Mall (TRM) to meet the retailer’s global standards and shoppers’ expectations. These three stores now offer an abundant and lively marketplace that features butchery, fishery, delicatessen, cheese and home-made bakery sections and more. Additionally, Carrefour at The Junction Mall and Thika Road Mall will now stock electronic products, garments, home linen, house ware, kitchenware, stationery among other goods. Commenting on the remodeling, Franck Moreau,…
Makueni County farmers who have been producing sunflower can sell their crop to Bidco Africa, East Africa’s leading manufacturer of Fast Moving Consumer Goods (FMCG) who have partnered with Safaricom’s (NSE: SCOM) DigiFarm product. This will see 640 Sunflower farmers will benefit from an end to end buyer driven model and will see Bidco Africa provide a ready market for their produce which is used as raw materials in the processing of edible oils. “We are glad that we are able to help farmers actualise their dreams through DigiFarm by providing an end to end process that will ensure that…