BY ANTONY MUTUNGA It was in 2012 when Kenya Airways (KQ) recorded Sh1.66bn net profit. Since then, the national carrier has continued its run of losses as it recorded yet another dip in profit for the year ending December 2022.The company reported a Sh38.2 billion loss before tax for the financial year ending December 2022 as compared to Sh15.87 billion posted in 2021 thanks to strikes, high fuel cost and the depreciation of the local currency. The airline saw its total cost for 2022 rise to Sh155.1 billion from Sh86.4 billion. This was mainly driven by fuel prices, which increased…
Author: NBM CORRESPONDENT
In an increasingly digital economy, accelerated by the Covid-19 pandemic, there has been greater collaboration between the private sector and governments in Africa to further the continent’s digital and financial inclusion agenda. Financial inclusion, in particular, is both a pre-condition and a key enabler for meeting many of the UN’s Sustainable Development Goals (SDGs), including reducing poverty, boosting economic growth and promoting market access. To this end various governments, including Kenya and Tanzania, have not only embraced digital transformation but also provided sound and enabling policy frameworks over the years to allow for innovative solutions that empower citizens. For instance,…
BY NBM WRITER Economic policy analysts have cited an emerging learning crisis in developing countries, such as Kenya, as a critical impediment to sustainable growth. The analysts said school and human capital development are essential to individuals’ livelihoods and country-wide economic growth and development. The economic policy analysts, in their research presentations delivered at the recent two-day African Economic Research Consortium (AERC) 25th Senior Policy Seminar (SPS) noted that a crisis of learning quality had replaced the earlier enrolment crisis faced by developing countries. The Economic Policy Researchers presented their findings following a collaborative research project on human capital and…
Rolls-Royce, a company that develops and delivers power and propulsion solutions for safety-critical applications in the air, at sea and on land, has appointed John Kelly as its President for Middle East, Türkiye and Africa (META), with immediate effect. Before this role, Mr Kelly spent six years as senior Vice President of Europe, the Middle East and Africa for the company’s civil aerospace business. He joined the firm over 20 years ago, in 2001, as a graduate trainee in the defence section, and rose to become a senior manager before joining the firm’s civil aerospace division. Kelly said that Africa…
Music streaming company Spotify has announced a multi-year investment in Vibrate, a community recording studio and music business programme. The company said that it would be making a donation to Vibrate Space, a non-profit organization helping young Ghanaian music entrepreneurs, to support emerging artists in Ghana. Spotify first invested in the space in September 2022, which facilitated the launching of the space. It said that the investment to Vibrate Space will be made through its Creator Equity Fund. Vibrate Space, which is operated by Surf Ghana in Accra, is a community recording studio and music business programme, offering education, mentorship…
Family Bank Group has recorded a Sh3.7 billion profit before tax for the full year ended December 31, 2022, a 12.2 % growth compared to Sh3.3 billion posted in 2021.The revenue growth was catapulted by double-digit growth in revenues, customer loans and prudent investment decisions by the lender. Total revenues increased by 10.6% to Sh11.9 billion driven by 10.7% growth in net interest income that stood at Sh8.6 billion in the period under review largely as a result of exponential growth in interest income from loans and that of government securities which grew by 19.2% and 29.9% respectively in…
Kenya stands well above its neighbors in the inclusion of women in key decision bodies, a new report by the World Bank shows. The World Bank Group’s Women, Business and the Law Index says that the country scored 80.6 out of 100 compared to the regional average of 72.6 observed across Sub-Saharan Africa on women inclusion. The figure is also higher than the average score for Eastern and Southern Africa at 74.1. According to the 2023 Women, Business and the Law dataset, Kenya’s score increase over the years has been largely due to the enactment of legislation on domestic violence,…
Agribusiness firm, Kakuzi Plc, is set to provide free maturity testing services for local smallholder avocado as part of its corporate support initiatives to foster the local and export market delivery of quality avocado fruits. Kakuzi says it has also committed to providing the preharvest maturity testing services at its FSSC 22000 Food Safety Management Systems certified Kakuzi Avocado Processing and Packhouse facility located near Makuyu town, along the Nairobi-Nyeri highway. The firm’s managing director Christopher Flowers said the laboratory-based testing services will be provided to smallholder farmers as part of a national quality assurance commitment. Farmers will also receive…
A timely regulatory overhaul of Africa’s fledgling electricity sector can attract private sector investment and ensure energy security on the continent. More than 600 million Africans have no access to electricity and Africa generates only 4% of the global energy. Despite vast opportunities in the development of the electricity sector in the continent, there is low private sector investment in energy infrastructure and service delivery. This was the highlight during a two-day public-private dialogue on private sector investment in electricity and infrastructure development in Africa that was recently organised by the United Nations Economic Commission for Africa (ECA) and the…
Supermarket chain Clean-shelf and Cake City Bakery have opened their doors at Superior Homes Kenya’s retail centre built at the frontage of Greenpark Estate. The entry of the two retailers brings unmatched shopping experience and services closer to the over 700 residents of Greenpark Estate, the wider Athi River region and thousands of travelers using the Nairobi-Mombasa highway. Other retail outlets that have set up shop at the Sh350 million retail facility include Simbisa Brands (Creamy Inn, Pizza Inn, Chicken Inn), Goodlife Pharmacy, Lorenzo Drycleaners, Prini, Sidis Electricals and Genteel Liquor store. Artcaffe is expected to open its doors in…
