Kenya Airways (KQ) has reported a Ksh 7.6 billion pretax loss in its 2018 financial year performance from Ksh 6.4Bn in FY17 due to a surge in operating costs. “Fuel is our greatest challenge & this will be for a while, oil prices are up by 30%. Fuel represents over 40% of our direct operating costs. We started mitigating this risk by implementing a new hedging policy with minimal risk,” GMD & CEO Sebastian Mikosz. However, the airline said the financial year 2018/19 covered 12 months compared to nine months the previous year. “This, therefore, means that the 2018 results…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Kenya’s largest telecom operator Safaricom Limited (NSE: SCOM) Chief Executive Officer Bob Collymore will step down from his post in August. According to Reuters, this is ‘for health reasons’. Collymore told Reuters “I have every confidence that whether I’m here or not, that this company will run … This is an institution. It is not a company which is just run by a single person.” READ: Bob Collymore’s Tenure at Safaricom Extended to 2020 On Tuesday, the Safaricom PLC Board said they have not made any decision who will replace on Bob Collymore. “This will be subject of deliberation by…
Financial Institution Equity Group Holdings and telecommunications provider Safaricom partnered to create a joint transformation agenda that aims to enable more Kenyans to access critical services using an innovative combination of technology and finance. Through collaboration that will align their joint purpose to transform lives, Equity and Safaricom hope to build more inclusive financial products, explore regional synergies, simplify cash delivery between their agents and share technical knowledge to build a common approach to risks such as fraud and cyber-security. “At Safaricom, we are continuously driven to explore new ways to provide our customers with the best possible experience on…
Kenya, Ghana will be the next African countries to receive the malaria vaccine after Malawi from the World Health Organization (WHO). Malawi was the first country to receive the vaccine and has already been vaccinating children under 2 years old. According to the WHO, children under the age of five are most susceptible to malaria, with Africa being a focal point. More than 250,000 African children die from malaria each year. The WHO has also been concerned about a possible rise in cases, with 219 million confirmed cases in 2017, up 2 million from 217 million cases in 2016. WHO…
President Uhuru Kenyatta witnessed the signing of two project delivery agreements totaling to KSh 67.5 billion through concessional financing and Public-Private Partnership (PPP). The projects include the Konza Data Centre and Smart Cities Project to be undertaken by Chinese telecommunications giant Huawei at a cost of Sh17.5 billion and the construction of the Nairobi JKIA to James Gichuru expressway on a PPP arrangement by the China Road and Bridge Corporation for Sh50 billion. The JKIA to James Gichuru expressway is a privately initiated project by a private Chinese company and is off the Government’s balance sheet. It will be the…
Co-operative Bank has partnered with World Navi Company Limited a leading Japanese exporter of used units to Africa and Europe, launching a financing scheme to enable Kenyans to import second-hand cars. The partnership guarantees a 100% safe and reliable vehicle importation including three months warranty on the engine & transmission, accident-free and genuine mileage certificates and zero risks of stolen parts or non-performance. In line with the Bank’s efforts to build a strong offering for their customers and the public in general, this service will help customers to import quality second-hand vehicles at affordable prices through a secure platform from…