Growing sales push KenGen's net profit to Sh5.7 bn

KenGen’s net profit for the six months to December has grown 15 per cent on increased sales even as higher operating and financing costs weighed down its performance. This performance would have been more impressive were it not for higher operating costs which went up by about a quarter to Sh8.7 billion while financing costs increased 22 per cent to Sh1.62 billion [...]

Flower sector earns Sh63b despite dip in export volumes

The volumes of cut flowers exported dipped last year even as its value went up by Sh10 billion, according to the Kenya Flower Council (KFC). KFC chief executive Jane Ngige said provisional statistics from the Horticultural Crop Directorate indicate that 121,346 metric tonnes of flowers worth Sh62.9 billion were exported in 2015. Mrs Ngige said the flower industry that had recovered in 2014 following dismal performance since 2010 [...]

KQ's financial problems put Nairobi- Tel Aviv direct flights in jeopardy

Kenya Airways could miss an opportunity to ride on gains made during President Uhuru Kenyatta’s trip to Israel unless it gets back on good financial footing soon. President Kenyatta said one of the major agreements reached between Kenya and Israel during his visit, was one paving the way for direct flights between Nairobi and Tel Aviv [...]

Family Bank to open nine more branches

Family Bank will open nine more branches as part of its growth strategy even as it prepares to enter the regional market. The lender’s director in charge of retail banking, Mr David Thuku, said the bank plans to open the outlets before the end of the year, which will bring the total number of branches to 100 [...]

Barclays PLC could wind down African business
Barclays PLC Chief Executive Jes Staley has decided to shut the bank’s operations in Africa, the Financial Times said on Friday. Staley will probably announce the decision on March 1 as he presents the company-wide review after the board agreed in principle that the business was no longer a strategic fit, said a source, who asked not to be identified because the discussions are still private [...]