Growing sales push KenGen’s net profit to Sh5.7 bn
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…
Negative net-worth to stalk KQ investors for 4 years
Negative net-worth to stalk KQ investors for 4 years Kenya Airways shareholders are likely to be stuck with a negative net-worth position for the next four years even if the company’s profit position recovers under the restructuring, analysts at Genghis Capital say. KQ is yet to…
Barclays starts trading at NSE with its revived investment unit
Barclays starts trading at NSE with its revived investment unit Barclays Bank has re-activated its investment banking business on growing demand for brokerage services especially from foreign investors. The Barclays Financial Services will offer a whole suit of services such as advisory on mergers and acquisitions,…
Barclays’ parent company could sell Kenyan unit
Barclays’ parent company could sell Kenyan unit Barclays Bank Kenya could be sold by its London-based parent Barclays Plc, which is considering selling some or all of its subsidiaries in Africa. The proposed divestitures are being pushed by Barclays Plc’s new CEO Jes Staley, according to…
Mumias share price up on Comesa safeguards extension
Mumias share price up on Comesa safeguards extension Mumias Sugar Company shares at the Nairobi Securities Exchange (NSE) rose 6.7 per cent Tuesday following the extension of the Common Market for Eastern and Southern Africa (Comesa) quantitative safeguards that give a lifeline to the industry for…
Tuskys signs finance deal with DTB for upfront payment of suppliers
Tuskys signs finance deal with DTB for upfront payment of suppliers Tuskys Supermarkets has signed a financing facility that will see its suppliers get payments from the Diamond Trust Bank even before their invoices are due. The deal will also enable small and medium sized companies (SMEs) that supply the…
KRA, Unilever Tea in Sh1.8bn tax battle
KRA, Unilever Tea in Sh1.8bn tax battle The Kenya Revenue Authority (KRA) is locked in a multibillion-shilling tax battle with Unilever Tea Kenya where it is seeking unpaid taxes dating back to the start the millennium. Unilever has however countered the KRA’s claims that the tea…
Family Bank to sell PE funds Sh15bn stake
Family Bank to sell PE funds Sh15bn stake Family Bank plans to raise as much as Sh15 billion through sale of stake to private equity (PE) firms. Family Bank shareholders will now have to create more shares to accommodate potential investors. Family Bank intends to use…
EABL loses Sh240m claim against former top manager
EABL loses Sh240m claim against former top manager Beer maker East African Breweries Limited has lost a Sh240 million claim against an ex-employee whom it accused of using a shell company to steal from the firm. High Court judge Joseph Sergon on Friday dismissed a…
Weak shilling lifts central bank’s profit to Sh48bn
Weak shilling lifts central bank’s profit to Sh48bn CBK made a Sh7.3 billion profit from ordinary operations compared to the Sh751 million loss it reported last year. A weak shilling also boosted the CBK’s operating profits mainly arising from forex gains made from sale of dollars…
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