Kenya Power in 70MW energy deal with Obama initiative-funded firm

Kenya Power has signed a 70-megawatt power purchase agreement (PPA) with a company that is partly funded by US President Barack Obama’s Power Africa initiative, boosting the country’s goal of adding 5,000MW to the installed capacity in the next two years. The project is based in Akiira Valley, adjacent to Olkaria in Naivasha, and is partly owned by investment firm Centum [...]

Yuan devaluation threatens industries, good for imports

China’s surprise move to devalue the yuan this week is a double-edged sword likely to hurt local manufacturers though reducing the cost of consumables. Some analyst on top fear the devaluation may herald downturn of fortunes for the Orient economy that may cut project financing for Kenya and Africa [...]

SBG Securities links dip in profit to capital gains tax, volatile shilling

CfC Stanbic Bank’s brokerage business has reported a dip in the six-month profit attributed to capital gains tax and the volatile shilling, signalling poor fortunes for other market intermediaries [...]

Kenya Re profit 20pc up as it eyes oil

Kenya Reinsurance Corporation (Kenya Re) yesterday announced a 20 per cent growth in half-year net profit on the back of rising premiums which it seeks to further increase through the lucrative oil and gas sector. The listed reinsurer reported a Sh1.5 billion after-tax profit, up from Sh1.24 billion in a similar period last year. Its gross written premiums grew by 26.5 per cent to Sh6.2 billion driven mainly by contribution from overseas markets which produced more than half its underwriting business [...]

Investors shrug off Co-op Bank 32pc net profit rise

Co-operative Bank stock rose slightly to Sh19.60 from Sh19.50 or 0.5 per cent despite reporting the largest Tier I bank half-year growth. Industry players said the lukewarm response was a reflection of the entire market which has been on a downward trend since the beginning of the year though now showing signs of recovery [...]

Airtel’s single tariff nets one million Internet customers

Airtel’s single (bundled) tariff for its voice, data, and SMS services which was launched in February has helped to lift the number of subscribers to its mobile Internet by more than one million in three months to March, the latest data by the industry regulator shows. The UnlimiNET offers talktime and SMS to any network in Kenya for as low as Sh50 [...]

South Sudan woes pull CfC Stanbic profits to Sh1.96bn

The economic impact of South Sudan’s political unrest on Kenyan firms is hitting home with CfC Stanbic Group reporting a 42 per cent slump in half-year net earnings to Sh1.96 billion, attributed to falling revenue from its branches in the volatile country. East African Breweries said in late July that its subsidiary was operating two-thirds below capacity. SABMiller plans to cut back operations or shut down subsidiary. Equity Bank said it would write off bad debts incurred in the country [...]

GulfAfrican bank’s net profit jumps to Sh405m

Islamic lender GulfAfrican Bank more than doubled its net profit in the half year ended June, driven by increased earnings from customer loans. The bank reported a net profit of Sh404.6 million in the period compared to Sh179.1 million earned the year before, a 125.8 per cent jump.

[...]