Author: Muindi

Britam Holdings, a diversified financial services company, reported that net earnings for 2023 surged by 97.4%, reaching Sh3.2 billion from Sh1.6 billion. The improved performance was attributable to top-line revenue growth from insurance and investment activities, which cushioned the business from fair value losses incurred from fixed-income securities. Britam’s net revenue from insurance jumped 60.8%, reaching Sh3.7 billion from Sh2.3 billion in 2022. The company successfully reduced its operating expenses, with a notable decrease in finance costs associated with insurance contracts. “Our strong performance is primarily driven by increased insurance revenue,” said Britam’s Group Finance Director, Charles Kimani. “We’ve managed…

Diamond Trust Bank reported a 13.4% increase in net profit to Sh6.8 billion for the year ended December 2023.  This growth was driven by higher income from interest and transactions. As a result, Diamond Trust Bank raised its dividend payout to a record Sh6 per share, representing a total payout of Sh1.6 billion. This reflects a payout ratio of 24.3% of net income, up from 23% in the previous year. The bank’s net interest income grew 20.4% to Sh27.5 billion; interest expenses also jumped due to rising deposit rates. DTB reduced its investment in government securities but saw interest income…

Kenya Airways delivered its first operating profit in six years posting a profit of Ksh 10.53 billion($80.38 million) for the 2023 fiscal year. KQ’s revenue surged by 53% year-over-year to Ksh 178.5 billion, significantly outpacing a 37.2% increase in operating costs.  The revenue resulted in a turnaround from a loss of Ksh 5.6 billion in 2022 to an operating profit of Ksh 10.5 billion in 2023. “Kenya Airways PLC has achieved a significant milestone! For the first time in seven (7) years, KQ has recorded an operating profit of Ksh 10.5 billion for the year ending 31 December 2023… The…

The Common Market for Eastern and Southern Africa (COMESA) Commission has greenlit the proposed merger between Kuramo Africa Opportunity Kenyan Vehicle Ltd. (KAOKV) and Trans-Century PLC. The acquisition builds on Kuramo’s existing 25% stake in TransCentury. The transaction involves purchasing an additional 48% stake for approximately 74% ownership. Kuramo will invest the raised capital to support TransCentury’s debt settlement and growth strategy.

I&M Group PLC (I&M) reported a 15% increase in net profit to Sh13.3 billion for the year ending December 2023, compared to the same period in 2022. The growth was driven by a 20% rise in operating income to Sh43 billion. During the year, I&M’s operating income benefited from a 25% increase in interest revenue, likely due to rising interest rates. Additionally, non-interest revenue grew by 10%, reflecting growth in income from banking transactions and foreign exchange trading. I&M Group is proud to announce a robust FY2023 financial performance, showcasing our regional business growth, excellence in service delivery and driving…

Kenya’s Kakuzi Plc, a leading producer of superfoods, will ship its first-ever consignment of avocados to India by the end of March 2024.  The shipment marks a significant expansion for the company, which already enjoys established export markets in Europe, China, and the Middle East. Kakuzi’s Managing Director, Chris Flowers, expressed excitement about entering the Indian market, a strategic target with high potential for avocado sales. “The Indian market is very discerning and remains quality conscious, and we shall seek to deliver the very best of sustainably produced Kenyan avocado.” The inaugural shipment of 20 tons of high-quality Kakuzi Hass…