Car & General, an automotive dealer in Kenya, has warned that its profit for the 15 months ending December 31, 2023, will drop by more than 25 per cent compared to the previous year. This is due to foreign exchange losses, lower motorcycle sales, higher finance costs, and demurrage costs in Tanzania. “The drop in the Group’s performance is mainly attributed to a combination of factors, including foreign exchange losses on US exposers resulting from a significant strengthening of the US dollar.” The company changed its financial period to December 31, as approved by the shareholders at the 2023 Annual…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
The Horticulture Crops Directorate in Kenya, under the Agriculture and Food Authority, has announced a halt to the harvesting and export of avocados. This suspension will be effective from November 3, 2023, for the 2023–2024 fiscal year. The directive will affect Hass, Pinkerton, Fuerte, and Jumbo avocados. “Following the findings of the survey, we hereby notify the Kenyan avocado stakeholders that the closing of Hass, Pinkerton, Fuerte, and Jumbo harvesting season and export by sea for the 2023/2024 fiscal year shall be in force with effect from November 3, 2023,” said HCD acting Director-General Willis Audi. “Export clearance (including fruit…
Airtel Africa, a Bharti Airtel subsidiary, reported a profit of $115 million for the quarter ending in September, marking a 13.53% decrease from the $133 million profit in the same quarter in 2022. The company’s revenue for the quarter was $1.2 billion, a 4.61% decline from $1.3 billion in the previous year’s corresponding quarter. The company’s EBITDA fell by 9% to $620 million from $682 million, but the EBITDA margin improved by 80 basis points to 49.8% during the quarter. Despite foreign exchange challenges in many markets, particularly Nigeria, Group CEO Olusegun Ogunsanya expressed satisfaction with the company’s strong operational…
Alphonce Kigen and Everlyne Chirchir emerged as the champions of the 20th edition of the Standard Chartered Nairobi Marathon, which took place in the capital and attracted over 22,000 participants. Kigen led the men’s race with a time of 2:10:18, followed closely by Moses Mwangi and Patrick Kipchirchir. In the women’s event, Chirchir clocked an impressive 2:24:31, with Martha Simiyu and Aurelia Cherotich securing the second and third places, respectively. The half marathon saw Justus Kiprop and Jackline Chelal take top honours in the men’s and women’s races, respectively. Stanley Njihia and Loice Chemung claimed victory in the men’s and…
Wanjiru Mbugua Karani, the Secretary General of Tennis Kenya, has been elected as the first female president of Eastern Africa. This achievement also marks her as the second African woman to hold the position of Vice President in the Confederation of African Tennis. “I am extremely excited to be the first woman president of this zone and the second one in Africa, which means a lot. My passion for the game means I am the right person for this job, and I promise to do my best. I always try to give more than 100%, and I promise to continue…
Kenya will abolish the visa requirement for all Africans travelling to the country, a step towards fostering economic inclusion on the continent. “As Kenya, by the end of this year, no African will be required to have a visa to come to Kenya,” said President William Ruto at the Summit of the Three Basins on Biodiversity Ecosystems and Tropical Forests in Brazzaville, the Republic of Congo. “We have visa regulations left, right, and centre. Twenty-seven countries in Europe today, with 430 million people, have removed visas. We still have visas. Let me persuade us that it is time we on…