Author: Khusoko

Kenya Power has issued a profit warning of up to 25 percent for the financial year ending June 30, 2019. In a Thursday notice, the utility firm advised shareholders, potential investors, and the general public to expect a lower net earnings of more than 25 per cent compared to those reported last year same period. “The drop in profits is attributable to among others, an increase in non-fuel costs in line with the company’s long term strategy of growing cheaper and cleaner renewable energy,” said Eng. Jared Othieno the acting Managing Director and chief executive. He added that under the…

Treasury’s dual-tranche tenors floated Wednesday raised Ksh 32.6 billion, attracting bids worth Ksh 32bn out of the Ksh 50.0Bn offered for the reopened 2-year (FXD1/2018/15) and 15-year (FXD2/2019/15). The proceeds of the bonds will go towards debt redemption. The yields came in at 12.673% and 12.564% for the 2-year and 15-year bonds, respectively. This was at par with market analysts’ sentiments, “On the back of aggressive investor bidding among yield-hungry investors and duration play on the long end of the yield curve,” according to Commercial Bank of Africa Analysts. According to Genghis Capital, “The performance rate (65.3%) at the auction…

Hotpoint Appliances Ltd., electronics and home appliances distributors, has moved to its new KSh1.1billion offices’ block in Thika, outskirts of the Nairobi Central Business District. The new location will also house the company’s East Africa headquarters, distribution center and warehouses including bonded warehouse, service center, duct fabricating workshop and a brand experience zone. Located in the Sukari Industrial Estate off Thika Superhighway, the new state of the art facility will also serve the company’s operations in Tanzania and Rwanda. According to the Hotpoint Appliances Limited Managing Director, Mr. Shailesh R. Kanani, the move was necessitated by a growing demand for…

French fuel storage and distribution company Rubis SCA has announced an ‘extensive reorganization’ after it acquired KenolKobil Ltd stations in Uganda and Rwanda. “The integration of KenolKobil is under way. The new team is embarking on an extensive reorganization of the acquired operations in order to bring them into line with Group standards,” it said in its first half of 2019 financial results. The integration will focus on internal control, organization, and governance. In its financial performance, Rubis said in Africa the volumes for the first half of the year incorporated KenolKobil over one quarter bringing volume growth in the…

Safaricom (NSE: SCOM) has invested an undisclosed amount in organising training programmes for its employees looking to shift to new digital careers. Known as the Digital Academy, the initiative caters to employees working in technology careers that are becoming automated. In the first phase that began early this year, Safaricom has already trained 60 of its staff and placed them in new roles. “Safaricom operates in a fast-paced environment where technology is ever-changing. Recent advances have automated sections of our network meaning that certain careers will soon no longer be necessary. At the same time, these changes are driving demand…

Estonian taxi-hailing firm Bolt will make passenger journeys carbon-neutral by offsetting the emissions from trips taken on the platform as part of its wider environmental strategy called ‘Green Plan’. The carbon-neutral initiative is expected to involve a multi-million euro investment which will continue to grow with the company. It will also make Bolt the largest ride-hailing platform in Europe to voluntarily commit to making its journeys carbon-neutral.  The initiatives will be rolled out in African markets later this year. Markus Villig, CEO and founder of Bolt: “So while we look to reduce emissions by adding more shared and electric vehicles…