Author: David Indeje

Kenya Airways (KQ) expects to lose a staggering KSh40 billion in revenues in 2020 from the 13 billion shillings last year according to chief executive Allan Kilavuka. The projection comes as the coronavirus pandemic and ensuing lockdowns have crippled the tourism and hospitality sectors. Speaking virtually to investors during the release of the airline’s 2019 financial results, Kilavuka said as of May, they had already lost Ksh 15 billion in revenue. He noted that KQ’s passengers carrying capacity will decline to 65 percent post the pandemic. “We will not operate at capacity since the numbers will drop by 65 percent,”…

Sameer Africa PLC, ( SAMR.NR) says it will witness a sharp plunge in  Groups revenues by Ksh 1.49 billion with the closure of its tyre manufacturing plant in East Africa in Financial Year 2019. The firm whose principal business is the importation and sale of tyres, said this is intended to ring-fence the key profit units and shift focus away from “the loss-making business units, grow the revenue base and capitalize rental segment of the business.” This has impacted 73 employees. In a cautionary statement announcing the exit from the tyre business, says “…despite the implementation of several changes in…

Credit Bank PLC, a financial and commercial bank in Kenya, has rolled out an online banking platform targeting its corporate customers to process their cheques. Through its online platform services, it will enhance the delivery of its services including the enhancement of limits on its mobile banking platform. Credit Bank Strategy and Business Development Executive Officer Eric Nyachaei said the new platform allows clients to achieve a higher Straight-Through-Processing (STP), real-time visibility and higher levels of efficiency from payment initiation through to back-end processing. “With the newly launched Clearing Solutions, our corporates do not need to visit our physical banks…

The global economic growth will contract by 3 per cent in 2020 due to the impact that Covid-19 has exerted on countries, the International Monetary Fund (IMF) said on Tuesday. “This is a crisis like no other,” Gita Gopinath, the IMF’s Chief Economist, said as she announced the latest forecast in a virtual press briefing. “It is very likely that this year, the global economy will experience its worst recession since the Great Depression, surpassing that seen during the financial crisis a decade ago,” IMF Chief Economist Gita Gopinath wrote in the foreword for the fund’s World Economic Outlook titled…

As the world gears towards achieving the United Nation’s Goal, 3 of ensuring the human race remains healthy, the same is already being witnessed in Kenya, thanks to Equity Bank. This is a vital goal that seeks to promote the well-being of everybody of all ages, as this is very vital to sustainable development.  According to the UN, great strides have been achieved in reducing common killers with child and maternal mortality, adding that to hit the target of less than 70 maternal deaths per 100,000 live births by 2030 ‘would require improvements in skilled delivery care.’ This is already…

Bank of Africa Group (BOA Group) has made a KSh 1.5 billion capital injection into its Kenyan subsidiary to support its growth strategy. According to BOA Group, this is in support of BOA Kenya’s ‘change of strategy from defensive to offensive’. BOA Kenya, which provides banking services to corporate, SME and retail clientele, has been reorganizing its business over the past four years with an aim of having a leaner balance sheet, improved asset quality and diversified liability mix supporting efficient liquidity management.  Its defensive strategy includes consolidating its business and rationalising branch network given the development and advancement in…