Author: Korir Issa

Co-op Bank Kenya reported a robust financial performance for the first half of 2024, with net profit climbing 7% to Ksh13 billion compared to the same period last year. This growth was driven by a 10.7% increase in net interest income to Ksh23.9 billion and an 11.2% rise in non-interest income to Ksh15.4 billion. Despite an 11% increase in operating expenses to Ksh21.3 billion, primarily due to higher provisions for loan losses and increased staff costs, the bank managed to deliver a strong performance, achieving a Return on Equity of 22.1%. “The strong performance by the Bank is in line…

The WRC Safari Rally Kenya has been added to the 2025 FIA World Rally Championship calendar. The event will take place in March, alongside other new rallies in Spain, Paraguay, and Saudi Arabia. The WRC Safari Rally Kenya has been included in the 2025 FIA World Rally Championship (WRC) calendar. The event will take place from March 20-23, avoiding the Easter holidays. The 2025 WRC calendar features several new rallies, including Spain, Paraguay, and Saudi Arabia, marking the largest calendar since 2008. FIA President Mohammed Ben Sulayem expressed excitement about the diverse and challenging events included in the calendar. “It…

Kenya’s National Environment Management Authority (NEMA) has introduced a proposed three-colour coding system for non-hazardous waste, designating green for organic waste, blue for recyclables, and black for general waste. This initiative is mandated by the Sustainable Waste Management Act of 2022, which requires the establishment of a national colour coding system. While seemingly straightforward, the colour coding system has implications for manufacturers, waste management companies, and consumers. It is part of a broader push by NEMA to improve waste management practices in the country. Previous measures include the 2017 ban on single-use plastic bags, which has led to the emergence…

Nairobi’s property market continues to show resilience, with land prices increasing across both suburbs and satellite towns in the first quarter of 2024. According to Hass Property Price Index for the second quarter of 2024, suburban land prices rose by an average of 1.3% per acre, while satellite town prices increased by 3.03%. On an annual basis, suburban land values appreciated by 5%, compared to a more substantial 11.2% increase in satellite towns. “Satellite towns are driving the revival of land as a competitive asset class with an average annual growth of over 10%. With interest rates projected by the…

East African Breweries (EABL) net earnings plummeted by 12% to KES 10.9 billion in the fiscal year ending June 30, 2024, primarily due to a surge in illicit alcohol consumption. The company grappled with a challenging operating environment characterized by high interest rates, forex losses, inflation, and social unrest across its East African markets. EABL Chairman Martin Oduor Otieno disclosed that the challenges led to foreign exchange losses surging by 10% to KES 28.8 billion. Economic pressures compelled consumers to shift towards cheaper, illicit alternatives, impacting EABL’s sales. Despite a 13% increase in net sales to KES 124.1 billion, driven…

Kenya’s retail market outlook remains neutral due to a complex interplay of positive and negative factors according to Kenya Retail Report 2024. Positive factors expected to drive increased demand for retail space include Nairobi’s growing reputation as a shopping destination, improving infrastructure, a rising middle class, and expansion efforts by both local and international retailers. Conversely, negative factors likely to constrain demand and hinder retail space uptake include a significant oversupply of retail space in key regions, the rapid growth of e-commerce, declining consumer spending power, and political instability. According to Cytonn Investments, Kenya’s retail landscape underwent a significant transformation…