Safaricom group has announced a decrease in its profit after tax despite increasing its total revenue in the six-month period ending 30th September 2024. The group recorded a fall in its profit after tax which stood at Sh10.01 billion as compared to Sh27.19 billion in the same period last year. This decline is largely attributed to the depreciation of the Ethiopian currency, the Birr. According to Dilip Pal, Safaricom PLC CFO, as of 30 September 2024, the Birr’s value against the US Dollar was 118.99, a depreciation of 106% from the 57.69 value in June 2024. This was due to…
Author: Antony Mutunga
The government, through the State Department for Public Service, has announced plans to establish a new fund, aimed at enhancing healthcare coverage for civil servants and other public officers. This initiative, comes as part of ongoing efforts to improve the welfare of government employees and streamline the provision of medical benefits. The proposed new fund dubbed ‘the Public Officers Medical Scheme Fund’ is designed to work in conjunction with the Social Health Insurance Fund (SHIF) provided under the Social Health Insurance Act. It will be financed through the recovery of medical benefits from public officers’ contractual remunerations, ensuring a sustainable…
The United Kingdom has announced a significant financial initiative aimed at supporting Micro, Small, and Medium Enterprises (SMEs) in Kenya. A move that is part of the country’s long-term commitment to providing investment solutions that foster growth and job creation in East African nation. The British High Commission in Nairobi unveiled a fund, sponsored by FSD Africa, of Sh670.80 million ($5.2 million) that aims to bolster small businesses. The impact of this initiative, dubbed as the ‘Listed SME Debt Fund’,is expected to be far-reaching. It is projected to support at least 10,000 MSMEs, benefit 50,000 households, create or protect over…
The Kenya Revenue Authority (KRA) has issued an important notice regarding the declaration of mobile devices and their IMEI numbers during importation. This directive is part of the KRA’s efforts to collect revenue on behalf of the Kenyan government and to administer the East African Community Customs Management Act (EACCMA). In respect to the Second Schedule of the EACCMA, the KRA will require all importers of mobile devices to submit detailed import entries, including accurate quantities, model descriptions/specifications, and the respective IMEI numbers of the devices in the customs system. Passengers entering Kenya will also be required to declare the…
VistaJet, the world’s premier global business aviation company, is embarking on an ambitious expansion in East and South Africa. The company is set to launch its first-ever East and South Africa Static Display Roadshow, featuring its flagship aircraft, the Bombardier Global 7500. This strategic initiative will kick off in Nairobi, before moving on to South Africa’s key business hubs of Johannesburg and Cape Town. The choice of these locations is no coincidence. As Nairobi has continued to establish itself as East Africa’s technology and business epicenter, Johannesburg and Cape Town represent the mature aviation market in South Africa. The East…
Kenya’s biggest celebration of the local industry, the Changamka Kenya Shopping Festival is set to open its doors at the Kenyatta International Convention Centre (KICC) in Nairobi. This highly anticipated event, running from November 5th to 9th, 2024, is a collaborative effort between the Kenya Association of Manufacturers (KAM) and the Ministry of Investments, Trade, and Industry. Under the theme “Celebrating the Ingenuity of Kenya’s Manufacturing Sector,” the 7th edition of the festival is set to showcase the country’s industrial prowess. With over 200 exhibitors, including more than 100 manufacturing Small and Medium Enterprises (SMEs),there will be much opportunity to…
The International Monetary Fund (IMF), after recently concluding the seventh and eighth reviews of Kenya’s economic program under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) arrangements, as well as the review under the Resilience and Sustainability Facility (RSF) arrangement, has given the green light for Kenya to access finance in support of its ongoing efforts to strengthen its fiscal and external buffers including enhancing resilience to climate shocks. This decision by the IMF’s executive board allows for the immediate disbursement of Sh78.03 billion ($606.1 million) to the country. The EFF/ECF arrangements would be providing Sh62.54 billion ($485.8…
Absa Group, one of the leading financial services providers in Africa, has secured a trade financing facility from the United Kingdom’s development finance institution to boost small enterprises across the African continent. The Sh19.31 billion ($150 million) deal with British International Investment looks to ease the trade financing gap in Africa, which has been intensified by COVID-19, the Ukraine conflict, and regional supply chain disruptions. With the gap estimated to be at between Sh12.87 trillion ($100 billion) and Sh15.45 trillion ($120 billion), the partnership looks to provide liquidity to small- and medium-sized businesses in Africa, which are mostly led by…
The Kenya Power and Lighting Company Plc (KPLC) has registered an increase in its profit FY 23/24, after a year of loss in the previous period. According to its latest audited financial statements, KPLC recorded a Sh30.08 billion profit after tax for the year ended 30 June 2024 as compared to a loss of Sh3.19 billion in the previous period. This performance was primarily driven by an increase in revenue and reduced finance costs due to the strengthening of the Kenyan shilling. The utility recorded a 21% increase in its electricity sales, standing at Sh231.12 billion FY 23/24 as compared…
Jubilee Holdings and Diamond Trust Bank (DTB) have entered into a partnership to introduce a groundbreaking new product, that aims to address a critical challenge faced by many insurance customers – the ability to manage their premium payments in a manner that aligns with their budgets and cash flow. This innovative digital payment solution, dubbed Lipa Polepole, will alllow customers to pay their premiums in flexible installments. This digital system looks to move away from traditional options. By providing the flexibility to pay premiums in manageable increments, the Lipa Polepole option empowers policyholders to better manage their finances and maintain…