Mumias Sugar in more trouble with losses past Sh3bn
Troubled sugar maker Mumias has sunk deeper into losses, triggering yet another profit warning. The management expects it to record losses of at least Sh3.4 billion this year, more than 25 per cent higher than the Sh2.7 billion posted last year. It attributed the fall to shortage of cane. It has been struggling with a cash crunch that forced the government to give it a Sh1 billion bailout…[…]
Kenya cuts Uganda power imports by more than 50pc
Kenya has cut electricity imports from Uganda by more than half following the injection of additional geothermal power into the national grid. Data from the Energy Regulatory Commission (ERC) indicates that Kenya imported 27.97 million kilowatt-hours (kWh) from the neighbouring countries including Ethiopia in the first half of the year, down from 57.91 million kWh in same period last year, a 51.7 per cent drop…[…]
Pan Africa’s profit drops 32.4pc on Gateway buyout
Pan Africa Insurance has announced a 32.4 per cent drop in half-year net profit weighed down by its newly-acquired subsidiary Gateway Insurance, which reported a loss during the period. The insurer’s net profit for the six months to June stood at Sh264 million compared to Sh390.8 million in 2014, with management attributing this drop to Gateway’s loss…[…]
Nakumatt Supermarket MD reveals bitter battle over 20yr lease
The construction of additional floors at Hazina tower on Nairobi’s Monrovia Street has cost Nakumatt Holdings Sh1.62 billion in lost business so far, the chain’s managing director has claimed. The tower, which is owned by the National Social Security Fund (NSSF), is home to Nakumatt Lifestyle, which has seen a drop in traffic since building work began…[…]
Cooking gas prices start rising after 10-month steady decline
The price of cooking gas has gone up over the past three weeks, threatening to bring to an end the relief consumers have enjoyed against high household energy prices this year. Retailers at petrol stations are selling a 13-kilogramme cylinder of gas at an average of Sh2,550 in Nairobi…[…]
Chase Bank half-year profit up 40pc to Sh1.5bn
Mid-tier lender Chase Bank Group has reported a 40 per cent jump in profit after tax to Sh1.5 billion in the first half of 2015 backed by strong forex earnings and interest income. The bank reported a net profit of Sh1.5 billion in the first six months of 2015 up from Sh1.07 billion in a similar period last year…[…]
Power bills could rise as new firm is set up to buy energy
Power bills will go up as consumers bear the costs of setting up an independent entity to buy energy on behalf of Kenya Power. Kenya Power Managing Director Ben Chumo has said that setting up an independent company to buy and manage electricity supply will inflate the cost of energy further. Mr Chumo was responding to plans by the Energy Regulatory Commission (ERC) to take away Kenya Power’s role of buying energy and award it to an independent player…[…]
Britam courts high net worth retirees with new product
A financial services company has unveiled a new product that seeks to invest the earnings of retirees. British-American Investments Company Limited (Britam) has unveiled the Platinum Drawdown Plan, which allows individuals to re-invest their retirement benefits for regular returns…[…]