Author: Muindi

Following the blackout incident at JKIA, the Cabinet Secretary for Transport, Kipchumba Murkomen, has made several changes in the management of the Kenya Airports Authority (KAA).  He has sacked the Managing Director Mr. Alex Gitari and the General Manager Project and Engineering Services of KAA Mr. Fred Odawo by mutual consent. In their place, he has named new acting replacements for them.  Mr. Henry Ogoye currently serving as the Head of Corporate Planning has been appointed to be the Acting Managing Director of KAA. On the other hand, Eng. Samuel Mwochache has been appointed General Manager Project and Engineering Services…

CIC Group, a leading insurance and financial services provider in Kenya, has reported strong results for the first half of 2023.  The company’s insurance revenue grew by 20% YoY to Ksh 12.9 billion, while insurance expenses increased by 17% YoY to Ksh 11.1 billion.  Asset management income also saw a modest growth of 5% YoY to Ksh 569.6 million. Finance costs increased by 11% YoY to Ksh 244.3 million.  Despite this, CIC Group’s profit after tax (PAT) saw a significant growth of 168% YoY to Ksh 705.5 million. The comparative period has been restated to reflect the adoption of IFRS…

Kenya Reinsurance Corporation (Kenya RE), a leading reinsurance company, for the period ended 30th June 2023, reported a 10.1% decrease in Gross Premiums Written to 9.9 billion KES.  Net Earned Premium decreased by 33.5% to 6.5 billion KES, while Net Claims decreased by 35.9% to 4.2 billion KES. Operating expenses (OPEX) decreased by 29.5% to 7.5 billion KES. In terms of profitability, Kenya RE reported an 8.7% increase in profit after tax (PAT) to 904 million KES. Earnings per share (EPS) were reported as 0.32 KES, compared to 0.30 KES in 2022. The Group’s Managing Director, Dr Hillary Maina Wachinga said they were pleased with the performance, which reflected the business’s resilience and adaptability in an ever-evolving…

Cellulant, a leading pan-African payments firm, has announced adopting a product-led strategy as its anchor for increased growth across the continent. The fintech, which powers payments for over 1,500 global, regional and local businesses across various sectors, said the new strategy is informed by emerging market dynamics, investments in automation, and the recent consolidation of their product offerings. The platform enables customers to pay and get paid using any payment method of their choice, including mobile money, cards, bank accounts, QR codes and USSD. “We remain cognizant of the ever-dynamic operating environment, influenced by many factors not limited to technological…

I&M Group, a regional banking group with operations in Kenya, Tanzania, Rwanda and Mauritius, reported a marginal 2.2% increase in profit after tax (PAT) to Ksh 5 billion in the first half of 2023, compared to Ksh 4.9 billion in the same period last year. Its earnings per share (EPS) also rose slightly by 2% to Ksh 2.89, despite the dilution from a rights issue in March 2023. The bank’s performance was supported by a 22% growth in interest income to Ksh 21.3 billion, driven by higher lending and investment activities. The bank’s operating income also increased by 22.8% to…

NCBA Group reported a 20.1% increase in earnings per share (EPS) to Ksh 5 in the first half of 2023, compared to Ksh 4.72 in the same period last year. The bank attributed the improved performance to lower provisions for bad loans, which declined by 21% to Ksh 4.4 billion, and higher net interest income, which grew by 9.7% to Ksh 26.8 billion. The bank’s total assets expanded by 9.3% to Ksh 660 billion, driven by growth in loans and advances, which increased by 10.2% to Ksh 414.7 billion. Customer deposits also rose 8.9% to Ksh 506.6 billion, while its…