Author: Wanjiku Njugunah

• Insurance Regulatory Authority (IRA) has indicated that the insurance industry in Kenya continued to register improved performance in the first quarter of 2022 compared to previous quarters
• Gross written premiums in the first quarter of 2022 went up by 11 % to KSh 88.43 billion from KSh 79.26 billion in a similar quarter in 2021
• General insurance premiums amounted to KSh 53.92 billion. In contrast, the premium reported by the long-term insurers in the period under review hit KSh 34.51 billion

New data by the Insurance Regulatory Authority (IRA) indicates that the insurance industry in Kenya continued to register improved performance in the first quarter of 2022 compared to previous quarters.

The data, released on August 1, 2022, noted that gross written premiums among Kenyan insurance firms in the first quarter of 2022 went up by 11 % to KSh 88.43 billion from KSh 79.26 billion in a similar quarter …

• Kakuzi PLC will begin selling its avocados to China following approvals to send its inaugural Hass variety of avocado consignment to be shipped out to China on July 30, 2022
• The move follows government regulatory agencies’ confirmation that China has now provided the green light for fresh avocado exports to the market
• Kakuzi kicked off the shipping management process following the green light from China, as it seeks to explore and unlock the export opportunity of locally grown fresh avocados

Kakuzi PLC will begin selling its avocados to China following approvals to send its inaugural Hass variety of avocado consignment to be shipped out to China on July 30, 2022.

The move follows government regulatory agencies’ confirmation that China has now provided the green light for fresh avocado exports to the market.

Kakuzi kicked off the shipping management process following the green light from China, as it seeks to explore …

• Safaricom has appointed investment banker John Ngumi as their new chairman, effective August 1, 2022
• The company unveiled Ngumi as the new chair who would take over from Michael Joseph, who took up the position in 2020
• Ngumi has had a 35-year banking career, having worked with local and international corporates with an East African regional presence, state-owned enterprises, sovereigns, and financial services grasps

Safaricom, Kenya’s biggest telecommunications company, has appointed investment banker John Ngumi as their new chairman, effective August 1, 2022.

On Friday, July 29, 2022, Safaricom unveiled Ngumi as the new chair who would take over from Michael Joseph, who took up the position in 2020.

Joseph took the job after Safaricom’s long-serving chairman Nicholas Ng’ang’a retired in 2020.

In a statement sent to The Exchange Africa, Safaricom said the incoming Chairman has had a 35-year banking career, having worked with local and international corporates with an …

• The UN World Food Programme (WFP) in Sudan has received a $100 million contribution from the World Bank to assist with critical emergency cash and food sustenance in Sudan
• The Sudan Emergency Safety Nets Project aims to provide cash transfers and food for over two million people across the impoverished and crisis-wracked nation
• The country’s economic and political crisis has grown more intense due to rising inflation, conflict and displacement

The UN World Food Programme (WFP) in Sudan has received a $100 million contribution from the World Bank to assist with critical emergency cash and food sustenance in Sudan.

In the first-ever direct contribution between the two UN agencies in the country, the Sudan Emergency Safety Nets Project aims to provide cash transfers and food for more than two million people across the impoverished and crisis-wracked nation, including those internally displaced.

“WFP is extremely grateful to the World Bank for …

• EABL has reported KSh 109.4 billion in net sales for the full year ended 30 June 2022, representing a 27 per cent growth compared to the same period last year
• The group attributed the performance to double-digit growth across all its markets and categories owing to an improved operating environment
• Kenya delivered 30 per cent net sales growth, mainly on the back of strong beer recovery and continued growth in spirits – fuelled by premium and upper mainstream segments

East African Breweries PLC (EABL) has reported KSh 109.4 billion in net sales for the full year ended 30 June 2022, representing a 27 per cent growth compared to the same period last year, as the business marks 100 years of operations in the region.

The group attributed the performance to double-digit growth across all its markets and categories owing to an improved operating environment as outlets reopened and sustained investment …

• KEMSA has unveiled a 180-day rapid results operating strategy to guide the second phase of its organisational transformation journey

• The strategy will focus on building momentum for organisational productivity; to guarantee efficient last mile delivery of health commodities countrywide

• It follows the recent adoption of a new organisational structure to ensure compliance with oversight requirements

The Kenya Medical Supplies Authority (KEMSA) has unveiled a 180-day rapid results operating strategy to guide the second phase of its organisational transformation journey.

Dubbed ‘KEMSA 2.0’, the strategy will focus on building momentum for organisational productivity; to guarantee efficient last mile delivery of health commodities countrywide.

The launch of the KEMSA 2.0 strategy comes hot on the heels of the recent adoption of a new organisational structure to ensure compliance with oversight requirements.

As part of the organisational structure -with eight operating directorates and a staff establishment ceiling of 378-  adoption, KEMSA commenced a …

• Centum Investments will pay its shareholders KSh 391 million in dividends for the twelve months ended March 2022 amid a persistent record of losses
• The company said the dividend payout follows a reduction in its profitability for the year ended March 2022, when it made a loss of KSh 1.33 billion
• Centum said the dividend payout is part of its strategy to boost returns for its shareholders, who are sitting on major paper losses after the company’s stock declined over the past three years

Regional investment company Centum has announced that it will pay its shareholders KSh 391 million in dividends for the year ended March 2022, even as it recorded another loss.

Centum Investments, on July 26 2022, said the dividend payout is a 77 per cent rise from the KSh 219 million it paid in the period ended March 2021.

During the twelve months ending in march this …

• President Uhuru Kenyatta has commissioned KenGen’s Olkaria I Additional Unit 6 Geothermal Power Plant
• This injects an additional 86MW into the national grid and advances Kenya’s green energy leadership
• The power plant propels KenGen’s total installed energy capacity to 1,904MW while its geothermal capacity now stands at 799MW

President Uhuru Kenyatta has commissioned KenGen’s Olkaria I Additional Unit (AU) 6 Geothermal Power Plant, injecting an additional 86MW into the national grid. The move by Kenyatta further advances Kenya’s green energy leadership.

According to KenGen, the power plant, which was commissioned in 2018, propels KenGen’s total installed energy capacity to 1,904MW while its geothermal capacity now stands at 799MW.

The company added that the commissioning of the plant further demonstrates the government’s effort to build a greener national energy pool from clean energy sources.

Kenyan government pledges to accelerate deployment of renewable energy to reduce cost of electricity

President Kenya also …

• Airtel Kenya has announced that it spent KSh 4.7 billion ($39.6 million) to acquire an additional 60 MHz spectrum
• The telecommunications company said the additional spectrum would help it expand its mobile network in the East African nation
• Airtel Africa said that the investment reflects their continued confidence in the opportunity inherent in the Kenya market
• The investment comes months after the company paid KSh 1.13 billion ($9.5 million) to the Communications Authority of Kenya for a network license

Airtel Kenya has announced that it spent KSh 4.7 billion ($39.6 million) to acquire an additional 60 MHz spectrum, which will help it expand its mobile network in the East African nation.

The new spectrum will help Airtel’s 4G network capacity expansion in Kenya. It will assist mobile data and fixed wireless home broadband capacity.

At the same time, the additional spectrum is expected to pave way for the rollout of …

• Centum real estate has posted KSh 650 million ($5.5 million) in consolidated operating profit for the year ended March 31
• The Kenyan company said the performance was driven by profits from the sale of houses and development rights business lines
• The sale of houses achieved significant revenue growth to KSh 1.8 billion from selling 301 completed homes

Centum Investments subsidiary Centum real estate has posted KSh 650 million ($5.5 million) in consolidated operating profit for the year ended March 31.

The Kenyan company said the performance was driven by profits from the sale of houses and development rights business lines.

During the twelve months, home sales achieved significant revenue growth to KSh 1.8 billion from selling 301 completed homes. The performance rose from the KSh 457million generated from 96 completed homes in the previous year.

Centum Real Estate noted that as of March 31 2022, residential businesses collected cash deposits …