Crown Paints Kenya Plc, a listed paints and coats manufacturer, slid into a net loss of KSh 29 million in 2023 from a net profit of KSh 824 million in 2022. Crown Paints turnover for the year grew to KSh 12.5 billion from KSh 11.4 billion in 2022 while comprehensive income declined from KSh 829 million in 2022 to KSh 19 million in 2023.The Group’s Pre-Tax Profit fell to KSh 14 million from KSh 1.1 billion for the year ended 31 December 2022.Crown Paints Kenya’s Balance Sheet size increased marginally from KSh 9.2 billion in 2022 to KSh 9.3 billion…
Author: Jackson Okoth
MasterCard, through its Agribusiness Challenge Fund, is seeking proposals from Small and Medium-sized Enterprises(SMEs) in the agriculture sector in Kenya and 20 other African Countries, with projects that can create employment opportunities for the youth, women, those with disabilities as well as refugees. SMEs selected by MasterCard will receive grants ranging from US$ 500,000 to US$ 2,500,000, disbursed over 3 years, based on the applicants’ development stage, scalability, and business model. MasterCard said any funding will be done after the evaluation of the SME and its proposal and will also include the provision of technical assistance for three years. The…
The Bank of Uganda’s Monetary Policy Committee (MPC) has raised the Central Bank Rate(CBR) to 10.25% at its April meeting. The Monetary Authority said that considering upside risks to inflation, the MPC deemed it necessary to tighten monetary policy further by raising the CBR by 25 basis points to 10.25%.As a result, the rediscount and bank rates will be 13.25% and 14.25% respectively.Uganda’s Monetary Authority said inflation remains a challenge, influenced by a weakening Shilling exchange rate, supply-side shocks, global inflation, and domestic food supply. In a statement, the Bank of Uganda said while recent hikes in the CBR have…
Kenya’s government has confirmed plans to use the local co-operatives network to position Kenya as a leading superfood producer and exporter. Kenya is already producing superfoods such as Avocado, Macadamia, and Blueberries, which are also beginning to feature.According to Co-operatives and Micro, Small and Medium Enterprises Cabinet Secretary Simon Chelugui, the government is zeroing in on the US$ 171.8 billion global superfoods market as part of the agricultural transformation deliverables under the Bottom-Up Economic Transformation Agenda (BETA).The escalating demand for superfood-infused snacks, the rising adoption of veganism and vegetarianism, and the growing consciousness about preventive healthcare measures are some of…
The African Trade Insurance Agency (ATIDI) has given insurance cover to support the $7.7m Songa Energy’s 1.65 MW run-of-the-river hydro project on the Ruvyironza River in Burundi. This will be the 2nd renewable energy IPP to connect to the national grid in Burundi, with the first being a 7.5 MW solar project that was also supported by ATIDI.The project began construction shortly after a ground-breaking ceremony in May 2023 and is expected to reach commercial operations by the end of 2024.The power from the project will be delivered to the national grid via a new 2.4km transmission line that will…
Tabasamu DT Sacco (Deposit-Taking), based in Kwale, saw its turnover increase to KSh 207.3 Million in 2023 from KSh 173.6 Million in 2022, a rise of 19%. Tabasamu Sacco’s balance sheet grew to KSh 1.144 billion in 2023 from KSh 1.052 billion in 2022, an increase of 8.8%.The Society’s share capital grew from KSh 77.7 Million in 2022 to KSh 94.5 Million in 2023.The Board of Directors recommended payments of dividends on share capital at 10% and interest on members’ deposits at the rate of 4.6%. “With introduction of the mandatory housing levy, enhanced NHIF and NSSF deductions, and a…
Kenya will resume the export of avocado fruits in March this year after the Agricultural Food Authority (AFA) lifted its three-month suspension. This decision to resume avocado exports by Kenya comes after the Horticultural Crops Directorate (HCD) halted exports on November 3rd, 2023.The export of Fuerte and Hass avocados varieties by sea will be limited to sizes of 184 grams until the open export window fully reopens.The freeze was meant to curb the export of premature fruits, a practice that had severely harmed its reputation in the export markets. Kenya exports its avocado fruits to the Netherlands, the United Arab…
The Central Bank of Kenya (CBK) asked Sacco regulator, Sacco Societies Regulatory Authority (SASRA), to regulate the giant Kenya Union of Savings and Credit Co-operatives Limited (KUSCCO)’s unregulated deposit-taking business two years ago. The Sacco lobby had written to Central Bank of Kenya (CBK) more than two years ago, claiming that SASRA had left the Union out of its regulatory oversight lense.This was despite KUSCCO being one of the biggest players in the Sacco sub-sector.The giant union has a membership of over 4,000 Saccos, and holds over KSh 20 billion in member funds and deposits. In a series of letters…
The Climate Investment Funds (CIF), through its Trust Fund Committee, has endorsed a $70 million plan, with an initial allocation of $46.39 million. The funds are meant to advance the integration and utilization of renewable energy in the Kenyan grid, enabling the country’s transition to 100 percent clean energy by 2030.This approval, as part of the Climate Investment Renewable Energy Integration (REI) investment program, will support Kenya’s ambition to reduce greenhouse gas emissions by 32% by 2030 and achieve Net Zero by 2050.Kenya’s CIF REI plan will support access to clean, adequate, affordable, and reliable electricity in the country. It…
Central Bank of Kenya(CBK) has floated a 6.5-year infrastructure bond worth KSh 25 billion that will be on sale between 21st November and 6th December 2023. Infrastructure bonds are used by the Government for specified infrastructure projects. These bonds typically see a lot of market interest because returns from them are tax-exempt. According to the CBK prospectus, bids will be priced at the average of the accepted bids for the treasury bonds auction value dated 31st November 2023 and adjusted for accrued interest. For those interested in exploring more financial opportunities and partnerships in the realm of online gaming and…
East African Breweries Limited’s (EABL) Board of Directors has announced the appointment of Angela Namwakira as the new Company Secretary with effect from 24th October 2023. Angela, a Partner at Adili Corporate Services Kenya, who now joins the EABL Board, is a corporate governance and legal professional with over 15 years of experience acting as Company Secretary to various reputable multinational, locally quoted companies, non-profit organizations as well as small and medium-sized enterprises spanning multiple sectors. She has experience as a corporate governance expert and corporate secretarial practitioner and regularly advises on company law, statutory and regulatory compliance, strategic planning,…
Andrew Mukite Musangi has received approval from parliament as the new chairman of the Central Bank of Kenya (CBK) Board. Andrew replaces Mohammed Nyaoga whose second four-year term ended in August 2023. Presently, the 51-year-old Andrew holds the position of Chairman of the Public Procurement Oversight Authority. He is also a director at Centum Investment Company Limited and Resolution Health East Africa Limited. In August this year, President Dr. William Samoei Ruto nominated Andrew for this position. Andrew was picked from six candidates who had been shortlisted by the Public Service Commission (PSC). The list of those who were…
Crown Paints Kenya Plc Net profit for the half year ended 30th June 2023 plunged 87.2% to KSh 37 Million compared to KSh 288 million in HY 2022.This is as a weakening Kenya Shilling as well as depreciation of currencies in other regional markets where Crown Paints operates, took a toll on its bottom line. A weakening Kenya Shilling continues to affect performance of Kenya’s multinationals, including KQ whose HY 2023 Net Loss widened to KSh 21 Billion. The airline has yet to recover from the heavy borrowings and an expansion spree of yesteryears that failed to improve its revenues.…
Kakuzi Plc, a listed agro business firm, saw its half year net profit tumble to KSh 171.1 million at the end of the first six months of 2023 compared to KSh 341.3 million in HY 2022. According to the firm’s Board of Directors, the firm’s financial performance was hit by a glut in the global macadamia market, leading to a loss of KSh 329 million in the macadamia business. The firm is eyeing recovery in the domestic macadamia market retail sales to mitigate the glut in international markets. Kakuzi is a leading macadamia exporter in Kenya “The global macadamia glut…
Liberty Kenya Holdings PLC has announced the appointment of Kieran Godden as Group Chief Executive and director of the Company, effective August 1, 2023. He replaces Godfrey Kioi who was acting CEO following the retirement of Mike du Toit from his position in 2022. Liberty Kenya Holdings Plc is the holding company for The Heritage Insurance Company Kenya Ltd and Liberty Life Assurance Kenya Ltd, the short term and long term businesses of the group. The new CEO is takes over the corner office from Godfrey Kioi who has been an acting CEO since April 1, 2022, following the retirement…
Kenyan onions have shot up in price due to shortages occasioned by a cut in imports from Tanzania. Available data shows that onions are now selling at KSh150 per kilo due to reduced imports from Tanzania. The shortage has been made worse by a fall in local production due to high production costs and drought conditions that have persisted in Kenyan farms in recent years. Compared to recent months, Kenyan onion prices have shot up by as much as 87.5% from KSh80 per kilogram in March, depending on the variety of onion. Data from the Kenya National Bureau of Statistics…
Microsoft says it is committing to working with Kenya’s Ministry of Agriculture through a platform that will digitize agriculture in Kenya. Microsoft Kenya Acting Country Manager Kunle Awosika said the tech firm would continue investing in agritech on the continent to develop agritech that enables data-driven, precise, and connected farming that optimizes yields boosts farm productivity and increases profitability. As part of this investment, a Microsoft team based in Kenya has developed an Agri chatbot, which provides extension and advisory services to smallholder farmers using feature phones or smartphones via SMS, WhatsApp, and Telegram. The AgriBot provides farmers with a…
Ethiopia plans to increase its local wheat output by up to 70% in 2022 as the country cushions itself from supply chain constraints due to the ongoing Russia-Ukraine conflict. Data from the Ethiopia Agriculture Ministry estimates that the country will harvest some 2.4 million tonnes compared to 1.42 tonnes the prior year. This output is forecast to lower the country’s wheat deficit to just 400,000 tonnes in 2022 after an additional 600,000 hectares of land was put under wheat cultivation this year. In 2021, Ethiopia added 187,000 hectares to grow wheat. Prime Minister Abiy Ahmed has implemented a nationwide wheat…
Radisson Blu, a global hotel brand, has announced its Upper Hill Hotel establishment’s reopening on May 9th, 2022, in Nairobi. The hotel, which is located in the middle of the bustling Upper Hill and is recognized for itsmagnificent interior design, will reopen under new management. This property is a 10 minutes drive from Wilson Airport and is surrounded by several companies and office blocks. Radisson Blue Upper Hill is also close to the Nairobi National Park, the only wildlife game reserve in the world located within a capital city. Russel Storey will run the hotel as its General Manager. The…
Kenya Orchards Plc, a listed firm that manufactures and sells fruit and vegetable bottled and canned products for domestic consumption in Kenya, has emerged from a net loss of KSh 12.5 Million in 2020 to a net profit KSh 3.7 Million in 2021. The firm, whose bottled product range includes fruit jams, tomato paste, tomato sauce, maple syrup, mayonnaise, custard powder, white vinegar used as a meat tenderizer and corn starch, recorded reduced revenue of KSh 49.4 Million in 2021 from KSh 57 Million in 2020. Kenya Orchards, which issued a profit warning in 2020, appears to have emerged from…
Kenya’s stagnant sugar industry has received another reprieve. This is after the Common Market for Eastern and Southern Africa(COMESA) regional trading block granted it a two-year extension of the sugar import safeguards, beginning March 2021 to February 2023. The current safeguard was due to be lifted in February next year. Kenya’s sugar industry was first granted protection against imports from the 19-member COMESA block in March 2002. While Kenya has been seeking extensions of the safeguards, little progress has been made to revitalize the sugar industry, still riddled with huge debts, old technology and poor management practices. At its 41st…