Author: Korir Issa

KCB Group PLC posted a robust financial performance for the nine months ending September 2024, with a 49% surge in profit after tax to KSh45.8 billion from KSh30.7 billion posted a similar period last year. This growth was driven by sustained revenue expansion. Key Highlights Revenue Growth: Total revenue increased by 22% to Sh142.9 billion, fueled by growth in both funded and non-funded income lines across subsidiaries. Balance Sheet Expansion: The group’s balance sheet expanded to Sh2 trillion, solidifying its position as the leading financial institution in East and Central Africa. Diversification Benefits: Contributions from subsidiaries outside of Kenya, particularly…

Remittance inflows to Kenya increased by 22.9% in September 2024 compared to the same period in 2023, reaching USD 418.5 million. This uptick contributed to a 14% year-on-year increase in cumulative inflows for the 12 months to September 2024. The United States remains the primary source of remittances to Kenya, accounting for over 55% of the total. However, there was a slight 2.5% decline in inflows from the US in September. Saudi Arabia has emerged as a significant source of remittances, surpassing the UK. This shift reflects changing migration patterns, with more Kenyans seeking employment opportunities in Gulf countries. Africa…

HF Group has received regulatory approval from the Capital Markets Authority (CMA) to raise Ksh.6 billion through a Rights Issue. The approved Rights Issue will offer up to 1,499,995,255 new ordinary shares at a price of Ksh. 4.00 per share. Shareholders will receive two new shares for every existing share held, with the option to apply for additional shares. To accommodate potential oversubscription, a green shoe option of up to 30% (approximately 384,614,168 shares) has been approved. The new shares will be listed on the Nairobi Securities Exchange. Strategic Use of Funds The raised capital will be used to: expand…

Every year on 19th October, gin lovers and enthusiasts across the world raise their glasses to celebrate International Gin and Tonic Day, a day set aside to celebrate one of the most popular cocktails in the world. With a legacy stretching back over centuries, the Gin and Tonic (G&T) is not only a refreshing drink, but also a symbol of simplicity and sophistication, infusing complex flavours of gin with tonic water. Right from classy cocktail bars to casual home gatherings, gin and tonic remain a staple for gin enthusiasts in every part of the world. Gin and Tonic Day is…

The Kenya Electricity Transmission Company Limited (KETRACO) has signed a Sh95.68 billion ($736 million) agreement with Adani Energy Solutions Limited to build and operate four electricity transmission lines and two substations in Kenya. The 30-year agreement aims to address the country’s persistent power outages and enhance its electricity infrastructure. Adani Energy Solutions will invest in the project and then transfer the assets to KETRACO after 30 years. “As part of this infrastructure development, the Project Company will raise all the funding in the form of debt and equity that will be repaid over the 30 years of the project agreement,”…

Kenya’s Ruth Chepngetich shattered the women’s world record in the Bank of America Chicago Marathon, finishing at 2:09:56 on Sunday. This marks her third victory in the race and a significant improvement on her previous best time of 2:14:18. John Korir secured the men’s title in 2:02:43, the second-fastest time ever recorded in Chicago. The race featured a strong Kenyan contingent, with three Kenyan runners claiming top positions. Chepngetich’s victory was characterized by her relentless pace throughout the race. She passed the halfway mark in an incredible 1:04:16, putting her on course for a sub-2:10 finish. “I feel so great.…