Author: David Indeje

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…

After reporting a jump in its net profit, Equity Group Holdings declared a dividend of Sh4 per share for 2022, a 33 per cent rise from Ksh 3 paid in 2021. The dividend payout amounts to KSh15.1 billion—an equivalent of 33 per cent of net earnings. The dividend will be paid on or before June 30 to the members in the company’s share register on the closure of May 19. However, this will be subject to approval at the annual general meeting on June 21. https://twitter.com/KeEquityBank/status/1640612391774724098?s=20 “Equity is not about numbers. It is a human story built to solve problems in…

Kenya Airways reported a loss of KSh38.2 billion for the fiscal year ending December 2022, double the KSh15.8 billion previously. In January, the Kenyan national airline’s Board of Directors announced that earnings for the year would be lower by at least 25% due to foreign exchange (Forex) losses. “The tight forex demand had a significant impact on Kenya Airways’ financial transactions which are mainly carried out in the major foreign currencies, specifically the devaluation of the Kenya Shilling,” KQ CEO Allan Kilavuka said Monday. “If you remove the impact of those losses and the abnormal fuel cost increase of 160…