Safaricom Investment Co-op (SIC) invests Sh759 million on building low-cost houses in Ruaka, Kiambu County In an attempt to address the issue of the current housing shortage, Safaricom Investment Co-operative (SIC) has held a groundbreaking ceremony for The Miran Residence, a residential development in Ruaka. The chief executive of SIC, Sarah Wahogo noted that Miran, which is located in Ruaka (on Western end of the Nairobi Bypass), Kiambu county, is a three-acre development that consists of studio apartments currently selling at Sh3.2mn, studio lofts (Sh4.3mn), one-bedroom (Sh5mn) and two-bedroom (Sh6.5mn) apartments. “The architectural design promotes a healthy lifestyle with the…
Author: NBM CORRESPONDENT
Bamburi Cement Group recorded a revenue of Sh20.1 billion in the first six months of 2022, a 2.6% increase from Sh19.6 billion posted in the corresponding period of 2021 Unaudited results for the six months ended June 30, 2022, show that the firm’s turnover was mainly supported by volume growth along with improved average selling price compared to prior period. While revenue grew, profit before tax declined from Sh1.1 billion to Sh124 million because of the high operational cost with operating profit at Sh210 million from Sh1.2 billion recorded the previous year. Cash flow generated from operations was lower at…
How one man exited Absa to join Ecobank after recording 13% growth in profit after tax to Sh6.3bn for half year period that ended in June 30, 2022 BY NBM Writer Jeremy Awori, the outgoing CEO of Absa Bank Kenya, now has his sights set on the pan-African market as he heads to Eco Bank Group as chief executive, after his formal departure from Absa at the end of October. Mr Awori will replace Eco bank’s current CEO Ade Ayemi who will exit the lender after attaining the retirement age of 60 years. “I am delighted to have led Absa…
Kakuzi’s inaugural avocado export cargo to China sold out as the company plans for a second load to be delivered in October Listed agribusiness company Kakuzi has confirmed that its inaugural “hass” avocado export cargo to China has been sold-out in the quality-conscious market. According to the firm’s managing director Christopher Flowers, the success of the inaugural export cargo to China has paved the way for the pre-export planning for a second load to be delivered in October. The firm has also commenced plans to explore the Malaysian market as part of its market diversification strategy. “The first Kakuzi Hass…
BY Antony mutunga NCBA Group is set to pay an interim dividend of Sh2 per share, translating to a total payout of Sh3.29 billion thanks to a profit after tax of Sh7.8 billion compared to Sh4.7 billion same period last year, representing 67% growth. While the lender experienced revenue growth in most areas, non-interest income was particularly strong because of “an outperformance in foreign exchange” revenues. Moreover, a strong customer base and the bank’s ability to source, risk manage and supply foreign currency, made it possible for the bank to become a top earner of foreign exchange revenues during the…
By Ephraim Njega Kenyans, irrespective of the political parties they support, waited for the Supreme Court ruling on the Presidential Petition delivered on September 5. As William Samoei Ruto takes the reigns after the judges upheld his win, it is in everyone’s interest that political environment is stable and that peace prevails. Almost everyone who has ever done a business plan knows that significant effort is dedicated to analysis of the business environment. The success or failure of a business is deeply connected to the environment in which it operates. One of the dimensions to be analysed in any plan…
There is no magic wand as President William Ruto takes over a stuggling country, with the headache of sky-high fuel prices, a public debt of Sh8.7 trillion and high cost of doing business welcoming him into office. What is the way forward for the new government? BY PETER WANYONYI “Après moi,” the French King Louis XV is said to have quipped to his favourite mistress, Madame de Pompadour, “le déluge.” After me, the flood. His terse aphorism has been given many interpretations, but the most sensational is that of an uncaring, indifferent monarch who gleefully predicted disaster after his own…
High growth companies, especially financial services providers should consider the issue of costs and speed when picking between arbitration and litigation, according to policy makers, arbitration practitioners, enthusiasts, and private sector players who form the consumer market for arbitration and Alternative Dispute Resolution (ADR) in Kenya. During the Kenya chapter of second International Chamber of Commerce (ICC) conference on arbitration and ADR that was recently held in Nairobi, it was evident that the nascent “dispute resolution” industry is shaping for take-off, driven by the surge in international trade and investments in the region. This is on the back of increased…
It is only in restoring the old roads and getting people to embrace the use of the expressway that the purpose for which the elevated road was built will be achieved BY DAVID WANJALA The Nairobi Expressway strides magnificently across the City in the Sun’s landscape from east to west, expressing the republic’s desire to leap into the middle-class economy. It is no wonder that ecstatic Nairobians have taken to taunting neighbours online in the other East African capital cities by sharing scenic photographs of the 27km road while reminding them that it was not in London or Washington DC…
BY VICTOR ADAR T he government backed Ajira Digital Program in partnership with the Amahoro Coalition, an initiative that advances refugee inclusion through education and income opportunities, is exploring ways to enable the refugee population in Kenya to work online and deliver business solutions for the private sector in Kenya. The initiative now offers hope to young people bogged down by mobility and access limitations, to explore opportunities beyond the camps, promising them of local digital and digitally-enabled work regardless of gender, background, geographical, and physical conditions. During a round table event, private sector players among other actors discussed opportunities…
