The total market capitalisation of sub-Saharan Africa’s stock markets rose 3.2 percent to $1.20 trillion year to date (March 2022) in United States dollar terms on the back of positive price movements and appreciations witnessed by the Mauritius Stock Exchange (0.7%) Botswana (2.6%), Tanzania (1.2%) and Malawi (4.4%) exchanges, respectively, as the region continues to […]
Category: Kenya
Kenya: Nation Media Group posts tenfold increase in full-year net profit
Nation Media Group ( NMG ) has recorded a tenfold increase in net profit to Sh493.1 million in the year ended December 2021 on recovery of business post Covid-19 pandemic. The region’s leading news organisation grew profits from 47.9 million on strong sales and advertising revenues. Total revenues rose 12 percent year on year to […]
Judge nullifies firing of Ciano as Uchumi CEO
A court has awarded former Uchumi Supermarket #ticker:UCHM CEO Jonathan Ciano Sh6.5 million for leave days, gratuity and unused leave days, terming his sacking seven years ago invalid. Mr Ciano was sacked in June 2015 on allegations of gross misconduct and negligence that left the listed retailer owing suppliers Sh1 billion. He sought Sh47.4 million […]
Is it time to review earnings reporting?
In recent years, one of the questions that has divided financial regulators is how frequent publicly listed companies should disclose their earnings to investors. Now there are two camps in this debate. The first are those who believe that the high frequency of disclosures keeps executives accountable by influencing them to make better decisions and […]
Polycarp Igathe reveals the only job he has ever applied for
Polycarp Igathe The entry of corporate titan Polycarp Igathe into the Nairobi Governor Race has triggered a debate about the successful life of the former Nairobi deputy governor. Days before Igathe announced his political interests there were rumours that he had been appointed as CEO of Rubis East Africa, which turned out to be false. […]
Sameer profit up five times to Sh217m
Sameer Africa’s #ticker:SMER net profit jumped five times to Sh217.3 million in the year to December helped by cost controls. The company had posted a net profit of Sh43.3 million in 2020. Sameer said lower costs boosted margins significantly even as sales fell 13.98 percent or by Sh105.8 million to Sh651.6 million in the period. […]
Nation resumes dividend payout as full-year net income grows by 331pc
Nation Media Group Chairman Wilfred Kiboro speaks during the release of 2021 financial year results in Nairobi. PHOTO | JEFF ANGOTE | NMG Nation Media Group (NMG) has resumed dividend payment following a 331 percent increase in net income to Ksh584.7 million ($5.3 million) in the year ended December 2021 on recovery of business post […]
KenGen completes 7th well for geothermal projects in Ethiopia
Drilling rig on site at Aluto-Langano, Ethiopia (source: EEP) As reported from East Africa, Kenya’s Electricity Generating Company (KenGen) reported having completed drilling of the seventh geothermal well in Ethiopia. KenGen was drilling wells at a depth of 3,000 meters under contract for Aluto-Langano geothermal project for state-owned Ethiopia Electric Power (EEP). “I must commend […]
Kenya: NSE Sheds Sh117 Billion on Russia-Ukraine War, Election Jitters – Capital Markets Authority
Nairobi — The Russian invasion on Ukraine coupled with the upcoming election jitters saw the Nairobi Securities Exchange shed off Sh117billion in the first quarter of 2022 as investors sought safer investments, a new report by the Capital Markets Authority shows. The Capital Markets Authority(CMA) Quarter Four Soundness Report released Monday shows that investor net […]
Bamburi Cement enters mortar sector with tile adhesive
Bamburi Cement’s Managing Director Seddiq Hassani. Bamburi Cement has launched its ready-to-use tile adhesive commencing its entry into the specialized mortar sector in Kenya. ‘Bamburi TectorCeram SETI 300’ is designed for placement of porous tiles including ceramic, terracotta, earthenware and natural stone tiles. It is a cement based product produced from sourced raw materials, including […]
