Author: Muindi

Jubilee Holdings Limited has announced the payment of an interim dividend of Ksh. 2 per share, totalling Ksh. 145 million for the half-year ended June 2023. Announcing its half-year financial results under the IFRS 17 new reporting standards, Jubilee Holdings reported a half-year Profit Before Tax (PBT) of Ksh. 2.4 billion. Following the adoption of the new IFRS 17 and excluding the sale of General Insurance business to Allianz, the Group’s net earnings went down to Ksh.2.04 billion in the first six months of 2023. The new International Financial Reporting Standard (IFRS17) that came into effect in January replacing IFRS…

The Football Kenya Federation Premier League (FKFPL) has signed a five-year broadcasting deal with East African direct broadcast satellite Azam TV worth up to Ksh 148 million a year. The deal will see Azam TV broadcasting select FKFPL matches on Azam Channel Four, which will exclusively air FKFPL matches. Last season, the company broadcasted two FKFPL matches, including the game between Kariobangi Sharks and Tusker and the Mashemeji Derby, both of which took place at the Nyayo National Stadium in early May. Kenya Broadcasting Co-operation KBC will also get to air some free-to-air matches. The broadcast deal, worth one million…

Dubai-based Vartox Resources Inc has withdrawn from a case where it had accused KCB Group and Mumias receiver manager of being part of a syndicate where assets of distressed companies are sold at a gross undervalue. Previously, Vartox Resources Inc. joined a case seeking the removal of Ponangipali Ramana Rao as the administrator of Mumias Sugar Company. Vartox Resources alleged that this was an obvious case of fraud and corruption. The filed application reads, “Take notice that Vartox Resources Inc., the 3rd Respondent in these proceedings hereby wholly withdraws its application dated 25 December 2022.” The company claimed that this…

The Nairobi Securities Exchange (NSE) has reported a 4.5% increase in total income, which rose from 361.1 million shillings in H1 2022 to 377.3 million shillings in H1 2023. According to the Nairobi bourse’s unaudited financial results for the first half of 2023, this was mainly driven by higher trading activity and increased listing fees. The NSE also managed to keep its total expenses under control, as they only increased by 4.4% from 275.1 million shillings in H1 2022 to 287.1 million shillings in H1 2023. The main cost drivers were staff costs, depreciation and amortization, and professional fees. The…

Xiaomi, the Chinese electronics company, has reported a strong improvement in profitability in the second quarter, despite a global slump in the smartphone market. The company’s operating profit more than doubled to CNY 4.0 billion, up from CNY 1.7 billion a year ago. This increase in profitability comes even as revenues fell by 4.0 percent over the same period to CNY 67.4 billion. Xiaomi’s focus on reducing inventory and costs has been credited for this strong performance. The company has been able to weather the challenges of the global smartphone market slump and emerge with improved profitability. “As a consumer…

Nairobi, the capital of Kenya, has been ranked as the sixth-best African city with a desirability score of 55.1 per cent, according to a report by Brand Finance City Index 2023. The report puts Nairobi just behind Lagos (Nigeria) which has a score of 56.7 per cent. On global rankings, Nairobi is ranked 94th out of the world’s top 100 cities. The ranking is based on a global survey of close to 15,000 members of the public conducted in April 2023 in 20 countries on all continents to measure perceptions of the world’s top 100 cities. The report measures the…