Safaricom, KCB shares drop pulls down exchange 11 points
Safaricom and KCB Group shares lost value for the second straight session at the Nairobi Securities Exchange Tuesday, helping nudge the market lower 11 points to a new two-and-a-half year low of 4,343. Safaricom dominated trading on Tuesday, with a turnover of Sh1.2 billion on 85.7 million shares accounting for 63 per cent of the total equity trading at the bourse…[…]
EPZA chief Nabutola set to leave in November as board advertises job
Export Processing Zones Authority (EPZA) chief executive Cyril Nabutola will leave in November after the board of management said it will not renew his term. EPZA management has already placed an advert in the media for a candidate to replace Mr Nabutola who has served since 2009. This comes at a time the parastatal at the heart of exports to the US has been dogged by controversies over irregularities in tendering, freezing infrstructure work at Athi River…[…]
KRA loses Sh662m tax demand against edible oil manufacturer
The Kenya Revenue Authority (KRA) has lost a Sh662 million tax demand battle against a Mombasa-based edible oil manufacturer. The taxman suffered the blow after Customs and Excise Appeals Tribunal ruled that Kapa Oil Refineries Ltd did not under declare customs value on its imported crude palm oil between 2008 and 2013…[…]
Family Bank posts 30pc growth in half-year profits
Family Bank has posted a nearly 30 per cent rise in its pre-tax profit for the half year – raking in Sh1.76 billion – up from Sh1.3 billion over a similar period last year. The lender also recorded a significant jump in its loan book from Sh37.9 billion to Sh46.3 billion – a 22 per cent increase. This was driven by increased lending to SMEs and personal consumers…[…]
Ugandan authorities clear Bidco over land grabbing claims
Uganda has dismissed claims of land grabbing made against Bidco in a statement from its Agriculture Minister Vincent Rubarema. The clarification by the Uganda authorities is likely to boost operations of the Kenyan edible oils manufacturer in the neighbouring country…[…]
Equity Bank’s first half pretax profit jumps to Sh12.10 billion
Equity Bank posted a 12 percent rise in pretax profit to Sh12.10 billion in the first half of this year, its chief executive James Mwangi said on Tuesday. Mwangi, head of the lender which has the highest number of depositors in the region, said the rise was driven by growth in net interest income and “non-funded” income including commissions and gains from foreign exchange trading…[…]
National Oil cuts diesel prices by Sh3
National Oil Corporation has announced a fuel pump price reduction of Sh3 on diesel effective Tuesday. The oil marketer said the price cut will run until the next petroleum prices review on Friday, August 14. The price of diesel is a significant component of the cost of goods and services, given its use in transport and industrial processes….[…]
Pharmaceutical firm in Sh2bn expansion bid
Pharmaceutical company Laboratory & Allied has a announced a Sh2.2 billion investment to boost output. According to the chief executive, Mr Suprakash Mandal, the firm is looking to venture into new markets as well as increase its product range to serve the new lifestyle diseases that have come up…[…]