Author: David Indeje

Green leaf production by factories affiliated to the Kenya Tea Development Agency (KTDA)  recorded an increase of 28.5 percent for the year ended June 30. The 28.5 percent reflects an increase of 1.448 billion kgs compared to 1.127 billion kgs over a similar period last year. KTDA attributes the increase to continued favourable weather across tea-growing regions and improved crop husbandry practices among tea farmers. In addition to the better payments and services offered to tea farmers. “This growth came amid a tumultuous second half of the year that saw global tea prices plummet on the back of product oversupply…

Kenya’s Ministry of Health on Thursday launched the Primary Health Care strategic framework, and the Community Health Policy to support primary healthcare in the country. The ministry said this was a justification for its commitment to revitalize the Primary Health Care systems in Kenya, as a critical pillar in the realization of Universal Health Coverage. Mutahi Kagwe, cabinet secretary in the Ministry of Health, said the primary healthcare strategic framework 2019-2024 and community health services policy 2020-2030 will ensure that health services provided are responsive to the specific needs of the community. “These two documents will bring healthcare closer to…

British American Tobacco Kenya (BAT) posted an eight percent growth in profit in six months to Ksh.2.7 billion from Ksh.2.5billion a year earlier. The growth was largely attributable to lower costs of operations and financing costs in the period. The company’s costs of operations fell by 10.1 percent to Ksh.6.8 billion as finance costs declined to Ksh.81 million in the period from Ksh.126 million last year. However, its net revenues went down 7.1 percent in the six months period ending June 30 at Ksh.10.5 billion from Ksh.11.3 billion from lower sales. “This was driven by lower domestic and export revenue…

Kenya’s biggest lender, KCB Group’s Outlook has been revised from stable to negative by global credit rating agency Fitch Ratings attributing to the economic effects of the coronavirus pandemic. Ratings are calculated on a scale of 11 predictors, with Fitch relying on independent auditors,  other experts to produce IDRs. The rating agency views that the lender’s asset quality weakened following the consolidation of National Bank of Kenya’s problem loan book, as highlighted by a 300bp increase in its impaired loans in 2019. However, Fitch says it “…has a positive view of management quality and corporate governance.” NBK was acquired in…

S&P Global Ratings has downgraded Kenya’s outlook from stable to negative over high debt that could be worsened by the Covid-19 pandemic. However, it affirmed Kenya’s ratings at ‘B+/B’. “The Covid-19 pandemic will slow Kenya’s GDP growth significantly in 2020 and weigh on its already weak public finances,” S&P Global said. “The ratings could also come under downward pressure if the ultimate economic fallout from the pandemic and weaker policy momentum derailed Kenya’s efforts to curb its twin fiscal and external deficits, pushing external debt up, and/or weakening external liquidity beyond our current projections.” The firm says “Although external financial…

The price of Super Petrol, Diesel and Kerosene will increase by KSh11.38, KSh17.30 and KSh2.98 per litre respectively as from July 15 according to the latest review by Energy and Petroleum Regulatory Authority (EPRA). Super Petrol will now retail at Ksh100.48 in Nairobi, Diesel at Ksh91.87 and Kerosene at Ksh65.45.  In Mombasa, the prices will be relatively lower at Ksh98.11 for Super Petrol, Ksh89.50 for Diesel and Ksh63.09 for Kerosene. In June, the marginal rise was a result of the recovery in crude oil globally. Year-on-year, petrol, diesel and kerosene prices fell by 22.23 percent, 28.34 percent and 39.49 percent…