Author: Muindi

Total Kenya Plc on Thursday reported a 30 per cent growth in consolidated profit after tax (PAT) of Kshs 3,297 million compared to Ksh 2,535 million posted the previous year. The company attributed the impressive performance to the effective action plans put in place by the board and management from the start of the coronavirus pandemic.  “They included; optimization of fuel stocks, diversification of revenues and prudent management of operating expenses,” it said in the financials. Its asset base grew to Kshs 42.99 billion from Kshs 37.56 billion in 2019. The Directors recommend payment of a first and final dividend…

The National Treasury has gazetted the exemption of cash strapped Kenya Airways from the minimum tax at a rate of 1 per cent of their turnover. Through a Kenya Gazette notice dated March 17, 2021, National Treasury Secretary Ukur Yatani said: “In exercise of the powers confirmed by section 13(2) of the Income Tax Act the CS for National Treasury and Planning directs that the income derived from or accrued in Kenya by an airline in which the government of Kenya owns at least 45 per cent of its shares, and the subsidiaries of that airline shall be exempted from…

Kenya’s inflation quickened for the sixth straight month in March at 5.9 per cent from 5.78 per cent in February, data released by the Kenya National Bureau of Statistics (KNBS) showed on Wednesday. However, it remains within the government’s target range of 2.5%-7.5%. The higher rate of inflation was attributed to higher fuel costs.  During the month, the housing, water, electricity, gas and other fuels index rose by 0.59 per cent in the last one month. The transport index rose by 1.49 per cent. “The recent increase in fuel prices is expected to have a moderate impact on overall inflation,”…

East Africa is being critically undermined by illicit trade, according to the new report. According to the report, ‘An Unholy Alliance: Links Between Extremism and Illicit Trade in East Africa’ from the Counter Extremism Project (CEP), terror groups, urban gangs, and international crime groups are increasingly targeting East Africa as a destination market for illicit trade. Illicit trade consists of the exchange of a good or service between individuals or organisations where either the commodity or the unregulated manner of the exchange is deemed illegal in a given jurisdiction. In addition, using the region as a transport hub for the…

Family Bank Kenya Tuesday reported a 22 per cent increase in net profit to KSh1.16 billion from KSh949.84 million a year earlier for the full-year to December 2020 on account of increased interest earnings.  Net interest income grew by 28.4 per cent, a Ksh 1.4 Billion growth to Ksh 6.4 Billion compared to Ksh 5 Billion in a similar period in 2019.  The Bank’s operating expenses increased by 20.2% to Ksh 7.6 Billion from Ksh 6.3 Billion mainly driven by loan loss provisions which increased by more than 2.5 times from Ksh 734 Million in 2019 to Ksh 1.62 Billion…

Limuru Tea Company’s financial year ended 31st December 2020 results were broadly in line with their expectations posting a pre-tax loss of Ksh 7.9 million compared to a pre-tax profit of Ksh 3 million in 2019. “The decrease in the profits for the period is mainly due to lower tea market prices that were realised in 2020 in the midst of rising cost of production and the impact of the Covid-19 pandemic,” the company said. The listed firm which is an outgrower to Unilever Tea Kenya Limited, says its revenues increased by 6 per cent to Ksh 97 million in…