Author: David Indeje

East Africa’s leading apparel and household goods retailers, Deacons (East Africa) Plc (NSE: DCON) has issued a profit warning for Full Year results in 2018. The Board states that this is based on “The preliminary assessment of unaudited financial statements of the Group for the half year period ended 30 June 2018 and the forecast to 31 December 2018.” “The projected earnings of the Group for the current financial year are expected to potentially decrease by at least 25 percent compared to the financial year ended 31 December 2017.” This is attributed to slow economic start in 2018 from the…

Regional cement maker ARM Cement PLC’s (NSE: ARM) has been put into administration, PricewaterhouseCoopers under Kenya’s 2015 Insolvency Act. PricewaterhouseCoopers in a statement on Saturday said it has appointed Muniu Thoiti and George Weru as joint administrators. “With their appointment, the Administrators shall now take control of the business assets and the management of the affairs of the company without any personal liability,” PWC said. “By virtue of the Administration, the powers of the directors of the company in terms of dealing and/or transacting with the company’s assets have ceased, unless with the express permission of the Administrators.” The ARM…

Barclays Bank of Kenya (BBK), a subsidiary of Absa Group Limited has reported a profit after tax of KES 3.8 billion for the period ended 30th June 2018, a growth of 6 percent compared to a similar period last year attributed to a 5 percent growth in total income. However, the results were “Partially offset by growth of 3 percent and 27 percent in costs and impairment, respectively,” read a statement sent to media.  In this years’ results: Customer deposits grew by 15 percent to Kshs.217 billion with transactional accounts constituting 66 percent of the total deposits. Net Customer loans up…

Safaricom, Kenya’s leading communications company have said it will not re-engage itself in the emerging price wars. “We are seeing a replay of history which is incredible. We are seeing a new price war coming,” Safaricom CEO Bob Collymore told reporters in Nairobi. “If you can start charging people those kinds of low prices, you are not going to be able to invest in the industry. That is going to cost you problems at some point,” remarked Collymore.  We are not going to move our prices. We have to maintain a sustainable business,” affirmed the Safaricom CEO. Read: ‘I’m Back’  Bob…

Reelforge Media Intelligence, media monitoring, and Research Company in Nairobi, has announced a partnership with Ones & Zeros to introduce online advertising monitoring to the advertising industry in Kenya. The partnership will see marketers able to monitor their digital campaigns, generate reports on demand, and receive alerts on their campaigns’ interactions, as well as monitor their competitors’ activities and marketing strategies. Reelforge Managing Director Sammy Lusiola said that the product will see Kenya become the first Sub-Saharan country to have an online advertising monitoring tool. “This is especially important for the Kenyan market seeing that latest data from the Communications…

Safaricom, the leading communications company in Kenya with the widest and strongest coverage, exists to fulfill a purpose.  “At Safaricom, we like to speak about the 3 P’s that support our strategy: Purpose, People and Profit – that when you put purpose and people first, then profit always follows. It is a mindset that has led us to achieve remarkable results each year, reminding us that our business exists to transform lives, from the communities we serve to the people we serve,” says Bob Collymore, CEO. The telco company has nurtured partnerships to provide life-changing solutions in the health, education and…