Kenya Reinsurance Corporation (Kenya Re) has issued a profit warning for the full financial year ended December 2018 citing higher claims, forex losses, lower income and impairment of assets. “The expected decrease is mainly attributable to high claims reserves in the year, forex losses due to currency devaluations in some of our markets, unexpected reduction in income from (an) associate and impairment of an asset held for sale,” said the firm in a cautionary statement. In 2017, the insurer posted 8.8% rise in after-tax profit in the year ended December. Earlier this year, Genghis Capital said, “Kenya RE is a…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
The Kenya ICT Action Network (KICTANet) in partnership with Global Partners Digital (GPD) with the support of the government of the United Kingdom will hold a roundtable meeting on improving cybersecurity in Kenya. The meeting is premised on the theme ‘Cybersecurity in Kenya: Priorities for 2019.’ It embodies the contemporary economic and security threats industries are facing the rise of cyber-crime in today’s dynamic economy. “This will include a broad overview of the current state of play in cybersecurity globally, regionally and in Kenya; while providing space to identify stakeholder common priorities and to make recommendations for the year ahead,”…
Cytonn Investments Management Plc has signed a Ksh 650 million loan deal with mid-tier SBM Bank Kenya. This is a three-year facility that will be used to complete The Alma project, a Kshs. 4.0 billion mixed development featuring 477 residences and commercial blocks, in the upmarket Ruaka area in Kiambu. Edwin H. Dande, Chief Executive Officer at Cytonn Investments, noted, “This signals the beginning of a long-term partnership with SBM. This is the first bank loan for Cytonn Investments, which has been raising capital from institutional investors such as Taaleri of Finland, who have invested Kshs. 5 billion with us,…
Koko Networks, an international technology company, based in East Africa and India, has created the world’s first Smart Fuel ATM network in Nairobi. KOKO in partnership with Vivo Energy is mainstreaming bioethanol cooking fuel in Kenya, starting in Nairobi, through its network of KOKO Agent shopkeepers. The firm is building its first fuel distribution network by deploying hundreds of “KOKOpoint” fuel ATMs across Nairobi and its environs, from Thika to Athi River, and from Kiserian to Limuru. Betty Maina, Principal Secretary in the Ministry of Industrialization, said “The future is bright for affordable energy in Kenya. We have been seeking…
Safaricom (NSE: SCOM) has handed over Ks 4.7 million worths of secondary school scholarships, to 100 students in need across Kenya. The Safaricom Foundation Academy collaborated with the Ministry of Education for this initiative following Cabinet Secretary Amb. Amina Mohamed’s request on behalf of the ministry in line with government commitment to achieve 100% transition of students from primary to secondary schools. “Access to quality education is hampered by financial constraints facing most parents countrywide. In an effort to remedy this, we are seeking support from various partners to ensure that all students who sat for their KCPE 2018 exams…
The Energy Regulatory Commission data showed rising global oil prices since January has led to revising the domestic prices upwards for petrol, diesel, and kerosene. “Changes in this month’s prices have been as a consequence of the average landed cost of imported super petrol increasing by 3.71 to $568.85 per tonne in February, diesel increasing by 2.79 to $561.64 per tonne and kerosene by 9.16 percent to $650.29 per tonne,” said ERC on Thursday. Year-to-date, oil prices have risen by 13.8%. According to data published by the ERC on Thursday, the price of Super Petrol, Diesel and Kerosene increased by…