Home Afrika Limited recorded a 58.5% decline in its project percentage-of-completion based revenue from Sh263 million in 2017 to Sh109 million in 2018. While actual sales plummeted from Sh921 million in 2017 to Sh582 million in 2018 owing to slowed growth in the real estate sector amid constrained credit access and general slowdown in spending power among plot and house buyers. Owing to the company’s revenue recognition model and guided by the International Financial Reporting Standards (IFRS9), most of the revenues were booked on the balance sheet as liabilities. The group operating expenses went up, mainly driven by the fundraising…
Author: NBM CORRESPONDENT
The country’s leading water and energy solutions company Davis & Shirtliff has called on the Government to establish policies that will encourage water recycling in Kenya to ensure the sustainability of scarce water resources. According to the firm, the country has existing infrastructure that can be built on to encourage recycling. For instance, most urban centres have a central sewage treatment plant that if enhanced, would allow recycling of wastewater. “Kenya is one of the world’s water stressed countries but the UN believes there could be enough water to meet the world’s growing needs, if only we could find a…
In excess of one million people from all over the world fly into western Saudi Arabia to perform Hajj Advanced flight bookings to airports around the holy city of Mecca ahead of this year’s Hajj have increase Travelport, a leading technology company serving the global travel industry. Bookings from North America are flat on last year and travel from South America and Africa is slightly down on 2018 numbers. Every year, in excess of one million people from all over the world fly into western Saudi Arabia to perform Hajj, making it one of the largest annual spikes in global air traffic.…
Toyota Kenya, the sole distributor of Toyota cars and Yamaha brands in Kenya, in partnership with Total Kenya PLC, the leading supplier of petroleum and gas products in the East African region, have announced a skill-based challenge that targets mechanics in the country. The competition,which is dubbed the Golden Spanner Competition is targeting about 150 mechanics from 13 regions in Kenya. According to Arvinder Reel, managing director Toyota Kenya, the competition will ensure quality training for mechanics by utilizing skilled and experienced trainers and coaches from the Toyota Kenya Academy. Henceforth, this will give them the right skills and make…
All businesses, including high growth companies, require the right skills in the people they employ at the top to thrive. It means that companies are creating more opportunities to those with good track record in terms of abilities and performance. Gladys Ogalla is a good example of a few Kenyans who are making companies excel in more ways than one. The founder and chief executive of Virtual HR has become the second lady to serve on the board of directors of Liberty Kenya Holdings, a financial services group. Having a rich experience in various sectors including insurance, ICT, banking, investments,…
Reuben Kimani CEO,Username Investment Ltd was crowned the 2019 African Business Personality at the Voice Achievers Award gala dinner recently held at Louis Leakey Memorial Hall in National Museums of Kenya. Mr Kimani was awarded alongside His Excellency Raila Odinga, Makueni Governor Kivutha Kibwana, Prof. PLO Lumumba, Dr Kizza Besigye, Hon Ababu Namwamba, Arch Bishop Arthur Kitonga among other distinguished leaders. The Voice Achievers Awards was established in the Netherlands by The Voice Magazine and seeks to recognize outstanding men and women who have made positive impact on Africa and its people. The award is held yearly and is on its 10th Anniversary. This…
By C. S. Iyer What makes people happy? Money, fame, position, passion, or family? This question has bedeviled human beings since millennia with no conclusive answer. How much money do you really need to be happy? Unfortunately, there are no definitive answers to that inane question as well. We all desire luxuries and material things to meet our basic needs and boost our ego. We work hard to earn fat salaries, but we see relationships crumbling everywhere. We see high stress and poor health. People have psychological problems. There is hardly any ’me’ time with people anymore because of the…
Financial services firm Sanlam Kenya has bounced back to profitability, confirming the viability of its turnaround strategy. The Nairobi Securities Exchange (NSE) listed firm has returned a Sh639.7m after-tax profit for the six-month period ending June 2019, a complete turnaround from last year’s Sh1.5b after-tax loss. Speaking when he announced the firm’s half-year earnings for 2019, Sanlam Kenya group chief executive officer Patrick Tumbo said that deliberate efforts to re-orient the Group’s business growth strategy were beginning to pay off. “At Sanlam Kenya, we have been focusing on the growth of our core insurance business through strategic partnerships, human capital…
Local Development Research Institute (LDRI), a not-for-profit action-oriented think tank, has signed a Memorandum of Understanding (MoU) with the Global Open Data for Agriculture and Nutrition (GODAN) to work to strengthen the availability, use and sharing of open data as part of the evidence useful in efforts to improve food and nutrition security in Africa. The collaboration will include carrying out research and advocacy to influence increased access to open data in agriculture and nutrition, co-convening workshops and events designed to build capacity in African governments and strengthening open data ecosystems to support African Union countries in making evidence-informed decisions…
Uber has announced a new pricing model after months and months of arguments between it and its drivers. The new model will see a 29% increase which will affect both UberX and UberChapChap riders in Kenya. In addition to the new charges, Uber has done away with Uber Select, which has been the company’s premium option. The category, which had been introduced in 2017 involved having high rated drives with pre-selected vehicles that are guaranteed to offer a great experience to its users. With the new model, Uber will now only offer UberX, which will take over as the premium…