Author: Korir Issa

East African Breweries Limited (EABL) has pledged KShs 190 million to support water conservation initiatives in Kenya.  This commitment aligns with the country’s efforts to combat climate change, reduce carbon emissions, and address water scarcity. The initiative, dubbed ‘Conservation at Scale’, is being spearheaded by the Executive Office of the President through the Office of the Climate Envoy to offer high-level critical direction and ensure alignment with national climate objectives and the outcomes of the Africa Climate Summit 2023. “This collaboration underscores the power of partnerships in addressing water challenges,” said Eddy Njoroge, President and Trustee of UTNWFT. EABL will contribute…

Agricultural firm Kakuzi Plc kept its dividend payout steady at Sh24 per share despite a nearly 50% decline in net profit for 2023.  This decision comes as the company grapples with a significant drop in macadamia earnings due to reduced global demand. The company’s net profit fell to Sh453.5 million, down from Sh845 million in 2022. During the fiscal year, its macadamia business suffered a net loss of Sh241.8 million due to a 47% decline in macadamia prices. Its total sales grew to Sh5.4 billion, partially helped by a weaker Kenyan shilling. “To mitigate some of the challenges arising from export…

Kenya Airways (KQ) is relaunching passenger flights between Nairobi and Eldoret starting March 25th, 2024, offering five weekly flights. On Wednesday, Kenya Airways Chief Executive Allan Kilavuka said that the expansion is part of KQ’s post-pandemic growth strategy to strengthen its network.  “The airline remains committed to its mission to connect people, cultures, and markets, contributing to the prosperity and well-being of communities across Africa and beyond,” Kilavuka emphasised.  The airline will charge passengers an introductory fare of Sh8,505 for a one-way ticket. The move comes despite the airline reporting a significant half-year loss in 2023 due to high financing…

Mumbai-based Godrej Consumer Products (GCPL) has agreed to sell a portion of its assets in Kenyan hair care company Style Industries Ltd. to a newly formed entity, Hair Manufacturing Kenya Ltd. The deal involves the transfer of specific assets from Style Industries, including production plants and machinery, office equipment, and inventory. Style Industries owns the famous “Darling” brand of braids, weaves, and wigs. According to the Competition Authority of Kenya (CAK), the transaction’s negative public interest concerns, such as job losses, were also noted. CA cited that it will lead to the loss of 652 jobs, equivalent to 30 per…

TikTok’s innovative “Add to Music App” feature is now available in 163 new countries, including 41 across Sub-Saharan Africa.  This expansion allows music lovers to seamlessly save songs discovered on TikTok to their preferred streaming service. Effortless Music Discovery and Saving The Add to Music App allows users to save a song directly from a TikTok video for instant gratification.  Look for the “Add Song” button next to the track name at the bottom of the video. With a single tap, you can choose your preferred streaming service (availability may vary). Flexibility for Your Music The song will be saved…

Stanbic Holdings reported a strong financial performance for the year ending December 31, 2023. The group’s net profit jumped 34% to Sh12.2 billion, compared to Sh9.1 billion in 2022. This growth was attributed to a significant increase in core lending activities and non-interest income. The bank’s Chief Financial and Value Officer, Mr. Dennis Musau, noted that the bank’s previous three-year strategy delivered the envisioned goal of a sustainable growth trajectory, with all the key metrics depicting better returns. “Today’s results are demonstrable proof that our three-year strategy yielded a positive and sustainable growth trajectory, delivering 39%, 26%, and 34% growth in…