Author: Muindi

Kakuzi to increase its dividend to KShs 18 per share Agricultural firm Kakuzi PLC posted has reported a 13% decline in net profit to KSh 622 Million at the close of the period ended 31st December 2020 compared to a net profit of KSh 713.4 for the same period 2019. The firm’s pre-tax profit declined to KSh 847.5 Million in 2020 from the previous KSh 1,014 Million in 2019. The listed firm achieved robust results for the year, despite the uncertainty in its main sales markets caused by the COVID-19 Pandemic. “The pandemic created significant disruption in our main European…

Logistics firm, Siginon Group says it has invested USD 2.4 Million in expanding its fleet driven by increasing customer demands for reliable cargo transportation by road. The Kenyan logistics company with operations in Kenya, Uganda, and Tanzania, through the investment, they have acquired an additional fleet of 40 trucks. Meshack Kipturgo, the Siginon Group Managing Director said, “The acquisition of the additional trucks ensures that we meet the growing demand for efficient cargo movement by road from both the Port of Mombasa and the Inland Container Depot (ICD) in Embakasi. We will continue to listen to the voice of our…

Safaricom, Kenya’s telecom market leader has been awarded the 2020 top taxpayer in the country under the Large Taxpayers category by the Kenya Revenue Authority (KRA). KRA said it recognised the telco for its “outstanding contribution to the development of our economy through diligent payment of taxes.”  “As a recipient of this award for 13 years in a row this recognition speaks to our commitment in following the required tax regulations as we continue to support the economy through job creation, taxes and duties that we pay,” Safaricom Chief Executive Officer Peter Ndegwa said Wednesday. Safaricom paid KSh98 billion in…

Flourish Ventures, a London-based Venture Capital, has opened in Kenya due to its growing appetite for fintech innovations. The firm, which invests in entrepreneurs whose innovations help people achieve financial health and prosperity, moves into the scene making Kenya the first country in East Africa where it has established a footprint.  Currently, the firm has a portfolio of a dozen startups located in Nigeria, Ghana, Egypt and Kenya that includes Apollo Agriculture, Fair Money, Financial Services Innovators (FSI), Flutterwave, Lendable, Pula and Paga. The Kenyan operations based in Nairobi will be managed by Efayomi Carr as Principal. “Efayomi has a…

Liquidity in the system is set to get tighter, with the deadline approaching for payment of the third instalment of 30% corporate tax. “The Ksh 35 billion net outflow primarily towards bond settlement follows the expiry of the COVID-19 tax relief window,” NCBA Research sys. According to NCBA, the impact may be more visible on the interbank overnight rate, with little spillover to the broader curve.  This could see it rising further towards 6.0% in the month although T-bill yields are unlikely to materially deviate from the current trend given the cyclicality of this tightness. Last week, liquidity in the…

House prices are on the rise after seven quarters of depressed growth, a new survey by the Kenya Bankers Association(KBA) reveals. According to the KBA – House Price Index, prices rose by 0.22 per cent in quarter four of 2020,  from a 0.08 per cent contraction in the previous quarter.  Although house prices have been on the rise, it has been gradual. “The uptick in the House Price Index signals stabilising market prices, which largely reflect an outcome of the demand and supply dynamics in the market,” the index says. On the supply side, housing remains largely fixed, with adjustment…