Author: David Indeje

Kenya’s private sector activity slumped in March, weighed by rising prices and cash flow problems for the second month. The S&P Global Kenya Purchasing Managers’ Index (PMI) rose to 49.2 in March from 46.6 in February but remained below the 50 mark denoting growth in business activity. The 50-point index mark separates growth from contraction monthly. “Both output and new orders fell in March, particularly in wholesale and retail trade, due to lower demand, especially as price pressures have accelerated,” Standard Bank economist Mulalo Madula said. “By contrast, manufacturing, agriculture, construction and services recorded expansions.”  As a result, the survey…

Kenya’s consumer price index (CPI) remained unchanged at 9.2 per cent on higher food costs in March, according to the National Bureau of Statistics (NBS) on Friday. During the month under review, the price of a basket of goods and services consumed by households increased by 0.8 per cent from an index of 130.13 in February 2023 to 131.18 in March 2023. The prices of commodities under food and non-alcoholic beverages increased by 13.4 per cent; housing, water, electricity, gas, and other fuels (7.5 per cent); and transport (12.6 per cent) between March 2022 and March 2023. The month-to-month food…

I&M Group raised its dividend payout to shareholders by half to KSh2.25 per share from KSh1.50 after posting a 37.7 per cent growth in net profit for 2022 to Sh11.2 billion. The first and final dividend, to be paid on or before May 25 and after shareholders’ approval, will see the lender payout Kshs 3.72 billion from KSh2.48 billion in 2021. The recommended dividends represent a 50.0 per cent increase from the Kshs 1.5 per share paid in 2021. The increase in dividends by the bank mirrors improved payouts by peers in the industry, including Co-operative Bank, Standard Chartered, Stanbic,…

Absa Bank Kenya reported that quarter one net profit rose 51 per cent year on year to 4.51 billion shillings from 2.91 billion shillings, driven by strong growth in non-interest income. The Bank’s total operating income rose 40 per cent to 13.9 billion shillings compared to a similar period in 2022. During the period, non-interest income rose to 4.5 billion shillings from 3 billion shillings, attributed to an 80 per cent rise in foreign exchange trading income to 2.2 billion shillings. Interest income grew by 36 per cent to 9.4 billion shillings from 6.9 billion shillings. Its loan book grew…

US biotech company Moderna has finalised an agreement to set up a $500 million mRNA vaccine facility in Nairobi, the only one in Africa. Pleased to have finalised the deal between the Government and Moderna to build a Sh65 Billion mRNA vaccine facility in Nairobi, the only such establishment in Africa. pic.twitter.com/dfT48zYUnD — William Samoei Ruto, PhD (@WilliamsRuto) March 30, 2023 The company has other mRNA manufacturing facilities in the United States, Canada, Australia, and the United Kingdom. “We hope to bring mRNA innovation to the people of Africa in areas of high unmet need, such as acute respiratory infections,…

Carrefour Kenya, owned and run by Majid Al Futtaim, has introduced a self-checkout service at its Nairobi Westgate Mall store; it is a first-of-its-kind service in Kenya. The self-checkout service allows customers to shop and complete purchases without the assistance of cashiers at the cash counter, saving time and avoiding inconveniences caused by long queues. Christophe Orcet, Regional Director – East Africa, Majid Al Futtaim Retail, said, “The self-checkout service underlines our ongoing commitment to creating seamless shopping experiences for all our customers through adopting global best practices and solutions. The innovative service will allow customers greater freedom, control and…