Author: Muindi

The Kenya Electricity Generating Company PLC (KenGen) reported a 48% increase in profit after tax for the year ending June 30, 2023, rising to Ksh 5.02 billion from Ksh 3.4 billion the previous year. Revenues also grew by 14%, from Ksh 47.48 billion in 2022 to Ksh 53.96 billion, attributed to the company’s investments in geothermal energy. KenGen’s Managing Director and CEO, Peter Njenga, attributed this performance to the improved operational efficiency of the company’s geothermal fleet in Olkaria, Naivasha.  This was further boosted by the positive impact of the newly commissioned Olkaria I Additional Unit 6 geothermal power plant,…

Kenya Power reported a net loss of Ksh 3.2 billion for the fiscal year ending June 30, 2023.  However, its operating profit improved from 17.1 billion to 19.2 billion. “The positive performance above was eroded by exceptionally high finance costs, which increased significantly by 89% from KShs 12.76 billion to KShs 24.15 billion, mainly driven by the depreciation of the Kenya shilling against major international currencies,” KPLC says in its audited financial statement. “In the period, the Kenya Shilling depreciated by 19% from KShs. 118 per USD in June 2022 to KShs. 140 per USD in June 2023,” the utility…

The Nation Media Group (NMG) has warned of an expected decline in full-year profits for the year ending December 2023. This decline, anticipated to be more than 25%, is attributed to a challenging business environment. NMG attributes the expected profit drop to tough economic conditions in the country.  “Like most sectors of the economy, media business, particularly in Kenya, has been adversely impacted by headwinds mainly attributable to the relentless increases in prices of basic commodities, a drastic rise in fuel prices, runaway depreciation of the Kenya Shilling, rising interest rates, and higher taxes,” read the statement. Additionally, global price…

MFS Africa, a leading pan-African digital payments network, has formed a partnership with Mvola, a major mobile money provider in Madagascar. This collaboration aims to facilitate inbound international money transfers, promoting financial inclusion and economic development in Madagascar. As part of this partnership, MFS Africa will become the first aggregator to integrate with Telma’s mobile money wing, Mvola.  Telma is one of Madagascar’s leading Mobile Network Operators (MNOs) with a 70% market share.  This integration will enable the seamless transfer of remittances from Europe, the US, and the UK. It will also facilitate MNO-to-MNO remittances from Africa to Madagascar. Nika…

Absa Bank Kenya has announced significant changes in its top leadership structure with the introduction of a new role: Chief Operating and Digital Officer.  “In line with our ambition to build a truly digitally powered financial institution that delivers excellent customer experience across all touchpoints, we have created the roles of chief operating and digital officer at a managing principal level. This role will be responsible for driving our technology and innovation agenda,” Mr Abdi Mohamed said in a note to Absa staff. Yusuf Omari, the Chief Finance Officer, has been assigned additional responsibilities.  He will now oversee the bank’s…

The Board of Directors at East African Breweries Limited (EABL) has appointed Angela Namwakira as Company Secretary, effective October 24, 2023. Angela, a partner at Adili Corporate Services Kenya and now a member of the EABL Board, is a seasoned corporate governance and legal professional with over 15 years of experience.  Angela Namwakira has served as company secretary for various multinational companies, non-profit organizations, and small to medium-sized enterprises across multiple sectors. Angela is an expert in corporate governance and corporate secretarial practices.  She regularly advises on company law, statutory and regulatory compliance, strategic planning, corporate structuring, and immigration matters.…