NAIROBI, Nov 5 (Reuters) – Kenya’s Safaricom
raised its full-year income forecast on Thursday due a sharp
rise in new subscribers and revenue as customers increasingly
used its mobile payments system and more lucrative data services
in the first half of the year.
Safaricom’s revenue jumped by 23 percent to 97.22 billion
shillings ($952.67 million), while earnings before interest,
taxation, depreciation and amortisation (EBITDA) rose 16 percent
to 38.8 billion shillings.
NAIROBI, Oct 26 (Reuters) – Kenya’s Equity Bank Group
expects its regional subsidiaries to contribute 60 percent of
profit in five years from roughly 10 percent now, its chief
executive said on Monday after announcing a 14 percent rise in
nine-month pretax earnings.
Equity’s pretax profit climbed to 18.14 billion
shillings ($177.58 million), helped by higher interest income.
NAIROBI, Oct 14 (Reuters) – Kenya’s Uchumi supermarkets
is to close its loss-making Tanzanian and Ugandan
businesses as part of a turnaround plan to try to return to
CEO Julius Kipng’etich said last month Uchumi would
reorganise the management of underperforming branches or could
close or relocate the worst performers.
NAIROBI, Oct 2 (Reuters) – Kenya has written off 39.7
billion shillings ($381 million) owed by state-owned sugar
companies, aiming to ease their planned privatisations,
President Uhuru Kenyatta said on Friday.
The government in May approved the sale of the government’s
holdings in five sugar companies and said it expected to sell 75
percent stakes, in transactions to be completed in the following
nine to 12 months.
NAIROBI, Sept 16 (Reuters) – Kenya’s Uchumi Supermarkets
, which fired its top managers in June, will shift to
renting outlets instead of owning them and expects to return to
profit growth within the next year, its chief executive said.
Uchumi, which operates 37 stores in Kenya, Uganda and
Tanzania, slumped to a pretax loss of 262 million shillings for
the half year to Dec. 31 and said in late August its full-year
earnings were expected to fall by at least 25 percent from the
NAIROBI, Sept 14 (Reuters) – A plan to start building
Kenya’s first coal-fired power plant in October has been delayed
as the consortium involved awaits a government plan to resettle
people on the coastal site, the group’s chief executive said on
The Kenyan and Chinese venture plans to build the 1,000
megawatt (MW) plant in the east African nation that now relies
heavily on renewable energy. It is part of a plan to boost
Kenya’s installed capacity to about 6,700 MW by 2017 from about
NAIROBI, Aug 27 (Reuters) – Power lines connecting the east
African states of Tanzania, Uganda, Rwanda, Kenya and Ethiopia
are expected to be completed within the next three years,
helping improve supplies and power trading, a senior Kenyan
official said on Thursday.
Power shortages are common across Africa and businesses
often complain that poor or erratic supplies deter more
investors and push up prices of local products, as many firms
rely on costly generators.
NAIROBI, Aug 20 (Reuters) – Kenya’s telecoms regulator said
on Thursday that new regulations to prevent large firms abusing
their dominant position in the sector are not targeted at
Safaricom, the country’s biggest operator, or any
Amendments to the sector’s competition law, due to come into
effect any time, will give the regulator more powers to declare
a firm to be dominant, a step that could lead to penalties.
NAIROBI, July 31 (Reuters) – Kenya’s East African Breweries
Ltd (EABL) said on Friday it would try to convince
Tanzanian authorities not to revoke its acquisition of a
controlling stake in Tanzania’s second-largest brewery.
Tanzania’s Fair Competition Commission (FCC) said early this
month that it wants to revoke EABL’s 51 percent stake in
Serengeti Breweries, acquired five years ago, accusing the
Kenyan company of not meeting some unspecified conditions.
NAIROBI, July 30 (Reuters) – Kenya Commercial Bank (KCB)
, the country’s largest bank by assets, said on Thursday
its first-half pretax profit rose 13 percent to 13.20 billion
shillings ($130 million), driven by growth in fees, commissions
and interest income.
The bank reported pretax profit of 11.67 billion shillings
in the first half last year.