Author: Muindi

Samsung Electronics, South Korea’s biggest company, says preliminary results for the March quarter on Friday its operating profit declined nearly 96 per cent from 2022 due to a sharp drop in chip demand. According to its earnings guidance, Samsung estimated its January-March operating profit at $454.9 million, sharply down from 14.12 trillion won a year ago. Sales likely fell 19 per cent to 63 trillion won from 77.78 trillion won a year earlier, the company said in a regulatory filing.  As a result, it is adjusting chip output to a “meaningful level” to resolve the inventory glut and falling memory…

Multichoice Kenya hosted a Content Showcase extravaganza to celebrate milestones and unveil its 2023 first-quarter content propositions to customers. The showcase came when MultiChoice, under its key brands, including DStv, GOtv, and Showmax, embarked on an aggressive campaign to invest in local content production and enhance their digital channels to offer value for money and rich viewer experiences. The showcase was also an opportunity to thank all of MultiChoice Kenya’s commercial partners. “This showcase is an important date in our annual calendar as our stakeholders and media partners are imperative to our success, and we want them to be the…

Mauritius-based property firm Grit Real Estate Income Group acquired an additional 50.0 per cent ownership stake in Buffalo Mall in Naivasha.  The deal, valued at Kshs 262.8 million, gave Grit full ownership of the retail facility. The move follows Grit’s laid-out capital commitment to acquire the remaining ownership stake of the mall, which it disclosed in its H1’2022 financial report.  At the close of 2022, Grit held a 50.0 per cent stake, valued at Kshs 762.1 million, which it acquired in April 2016. However, this was a decline from the stake’s acquisition price of Kshs 827.8 million in 2016. The decline was attributed to the following: Tough operating conditions…

Family Bank’s board has approved a final dividend of Ksh0.62 per share for the year ended December 2022, amounting to Ksh798 million. Shareholders’ funds grew by 3.3% to Ksh 16.1 billion.  In the fiscal year, the bank recorded a Ksh 3.7 billion Profit Before Tax, a 12.2 % growth compared to Ksh 3.3 billion posted in 2021. The Group’s Profit After Tax for 2022 stood at Ksh 2.2 billion.  The bank’s net interest income grew from KSh7.76 billion to KSh8.59 billion, while non-interest income at KSh3.35 billion from KSh3.03 billion. “In 2022, we focused on diversification of product offerings through the…

Britam Holdings, a diversified financial services company, posted a KSh1.69 billion net profit for the fiscal year ending December 2022, an improvement from the KSh72 million recorded in 2021. “The improved performance is attributable to a growth in top-line revenue as well as operating efficiency and cost management initiatives,” said Britam. The Group reported gross earned premiums and fund management fees of KSh33.4 billion, a 2.7 per cent growth from KSh32.5 billion recorded in the previous financial year. “We are pleased with the growth trajectory of our business in Kenya and the region following our focus on improving customer experience…

Kenya has revised its growth rate for 2023, with the Central Bank worried about mounting headwinds and a slowdown in the agriculture sector. On Thursday, the Central Bank Governor, Dr Patrick Njoroge, expected the country’s economy to grow by 5.8% in 2023, down from earlier projections of 6.1%. “We have looked a little carefully at agriculture and the development in the sector in light of the weather conditions that have prevailed in January, February and the first half of March,” CBK Governor Dr Patrick Njoroge said Thursday during a virtual media briefing post-MPC. The Monetary Policy Committee raised its key…