Author: Muindi

The Co-operative Bank of Kenya says it delivered a solid first quarter of 2024, with profit after tax rising 7.7% to KSh 6.58 billion compared to the same period last year.  This growth was attributed to an increase in net interest income, which includes interest earned on loans and fees charged to customers. “Co-op Bank is pleased to report a Profit Before Tax of Kshs. 9.01 Billion for Quarter 1 2024, a commendable 10.6% growth compared to Kshs. 8.15 Billion recorded in Quarter 1 2023,” Co-op Bank Group MD and CEO Gideon Muriuki said. Co-op Bank’s performance highlights Profit after tax for Q1 2024 reached KSh6.58 billion,…

Safaricom, Kenya’s largest mobile network operator, has restored full internet service following a multi-day outage caused by a damaged undersea fibre optic cable. The outage, which began last Sunday, impacted internet speeds and connectivity across East African countries. The telco among others addressed the issue by securing additional capacity from other undersea cable providers. “We’re happy to announce our network is back to full capacity and stability,” Safaricom said in a statement. “We appreciate our engineers’ efforts to keep the country connected during this time.”  A big thanks to all our engineers who have worked hard to keep us all connected. https://t.co/PE2oHmKsKL — Peter…

Kenyan agribusiness Kakuzi Plc plans to nearly double avocado and macadamia production and exports over the next decade, focusing on diversification and sustainable practices. The listed agribusiness firm said it will focus on diversification and sustainable practices to boost shareholder returns and market reach. Kakuzi PLC Managing Director Mr Chris Flowers confirmed plans to nearly double avocado production and exports from 3 million four-kilo equivalent cartons to 5 million over the next ten years.  “This will be achieved by a combination of young orchards coming online and completing the plantings next year, as we also seek to mitigate market and shipping risks…

According to a new report by Boston Consulting Group (BCG) entitled The Whole Truth about Whole Grains, there is a huge opportunity in food system transformation, but it’s critical to change what is grown, processed and consumed thoughtfully and gradually. Currently, most of the grains are stripped of the bulk of their important nutrients, and these “refined” grains are a substantial contributor to today’s diet-related diseases. Further, the way grains are produced globally has come to have a detrimental environmental impact.  A shift to growing and eating whole grains additionally, fortified with vitamins and minerals (micronutrients) along with more diversified cereals, can address both the nutritional and environmental issues and enable moving toward much…

UAE-based B Commodities ME (FZE) has acquired a controlling stake in Limuru Tea through a share purchase agreement with Ekaterra Company. The deal involves the acquisition of 51.99% of Limuru Tea’s issued share capital, giving B Commodities indirect control and beneficial ownership. “On 6th May 2024, Ekaterra and B Commodities entered into a share purchase agreement for the sale of the share capital of various Ekaterra subsidies and /or affiliates in East Africa, including 95.56 % of the total issued capital of Lipton tea,” the firm said. “The transaction will, upon completion, result in B commodities indirectly acquiring effective control…

Browns Investments PLC, a Sri Lankan company with a long history of operating plantation businesses, will take over Lipton’s tea estates in Kenya, Rwanda, and Tanzania. According to a joint statement, Browns will invest in its estates in Kenya and Sri Lanka to meet the new standards by 2025. In addition, Lipton and Browns will create a 1 billion Kenyan shilling (approximately £5.9 million) Community Welfare Trust to generate additional employment opportunities in Kenya. This deal is expected to make Browns the world’s leading tea exporter, producing around 87 million kilograms of tea annually. Browns will also become a major supplier…