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East Africa
- The Uganda National Oil Company (UNOC) is directly importing petroleum products from Vitol Bahrain, aiming to reduce reliance on Kenyan firms and mitigate high fuel prices.
- UNOC’s direct importation and sale of fuel to OMCs in Tanzania and Uganda is a significant step towards fostering stronger regional ties, promoting economic growth, and ensuring energy security.
Uganda National Oil Company (UNOC) has started the sale of petroleum products to oil marketing companies in both Uganda and Tanzania.
This is part of a broader strategy to test the waters before UNOC embarks on a direct importation agreement with the global oil titan, Vitol Bahrain. This maneuver signals a new era in East Africa’s energy dynamics, especially following a cooling of relations between Uganda and Kenya over fuel supply mechanisms.
Breaking New Ground: Uganda National Oil Company Direct Importation Deal
For years, Uganda’s fuel supply chain was heavily dependent on Kenyan OMCs. However, …
- Effective March 1 2023, Lufthansa Group appointed Kevin Markette as the new General Manager for the East African region.
- This encompasses Kenya, Ethiopia, Uganda, Rwanda, Burundi and Tanzania.
- Effective June 3, 2023, Lufthansa will expand its current connection from Frankfurt, Germany into Nairobi for the summer flight schedule from five to seven weekly flights.
The Lufthansa Group has re-affirmed its commitment to East Africa by relocating the commercial responsibility for the passenger business back to Kenya.
Effective March 1 2023, Lufthansa Group appointed Kevin Markette as the new General Manager for the East African region.
This encompasses Kenya, Ethiopia, Uganda, Rwanda, Burundi and Tanzania.
With his position and team permanently based in Nairobi, he will be able to better focus on the needs of regional customers and through a physical presence in the region be closer to the market.
Markette succeeds Dr. André Schulz, who has been appointed Head of …
- Insurance industry paid claims worth $400Mn in three months from October 2022 to December 2022 representing a 3percent increase compared to the third Quarter of 2022 that paid claims worth $391Mn.
- Latest statistics from the Insurance Regulatory Authority (IRA) indicate that the number of claims reported to the insurers were 2,040,600, a 12.6 percent increase compared to 1,811,141 claims reported in Q3,2022.
- General liability claims paid went up by 16.8 percent to 14,085 claims worth $42Mn from 12,055 claims paid worth $40Mn billion in the previous quarter. Non – Liability claims paid hit 1,714,723 claims worth $170Mn representing a 1.8 percent from 1,684,698 claims worth $160.31Mn reported in Q3 2022.
Insurance industry paid claims worth $400Mn in three months from October 2022 to December 2022 representing a 3 percent increase compared to the third Quarter of 2022 that paid claims worth $391Mn.
According to the Quarter 4 of 2022 claims …
Kenya’s imports from Tanzania grew by nearly 75 percent in the six months to June 2021 compared to 2020 when its exports to Kenya hit a high of USD. 167 million.
This is according to the Chief Executive Officer of the East African Business Council John Bosco Kalis who has also urged the East African Community to eliminate Non Tariff Barriers (NTBs) and finalize the Common External Tariff review.
The CEO has also called for regional vaccination drives to fast track economic resilience and rebound.
A separate report also noted growth in Kenya’s imports from Tanzania.
Data by the Kenya Revenue Authority (KRA) published by the Central Bank of Kenya indicate that Kenya’s imports from Tanzania grew by 70 percent from January 2021 to June 2021, compared to the same period last year.
The statistics also showed that the value of goods ordered by Kenya from Tanzania stood at US$167.5 …
Sanlam Kenya PLC says it has restructured its foreign currency-denominated loan into a local currency facility.
In a statement, the listed non-bank financial services provider says the move is geared at preserving shareholder value.
During the first six months of the year, Sanlam says it restructured US$27 million loans into a Sh3 billion facility with a local banking institution to mitigate against future forex losses occasioned by the weakening of the Kenya Shilling against the United States dollar.
The move comes at a time when the company has posted a Sh291.8 million loss, up from a Sh99.1 million loss posted in the same period last year.
The financial services provider has attributed the loss to one-off forex losses and a more prudent company stance towards provisioning as the business carefully manages its future financial outcomes in a recovery period from the onset of the covid-19 pandemic in 2020.
Regional bank Kenya Commercial Bank has doubled its profit after tax for the period ended June 2021.
In a statement, KCB says its profit reached Sh15.3 billion, up from Sh7.6 billion posted during a similar period last year.
During the period under review, revenues increased by 14 percent on account of higher interest income driven by an increase in earning assets and a lower cost of funding.
The Group’s total income increased by 13.7 percent to Sh51.2 billion during the period, with net interest income going up by 17.7 percent to Sh36.6 billion from Sh31.1 billion last year.
This was on the back of higher interest-earning assets and effective management of the cost of funding during the period.
The Group’s assets stood at Sh1.02 trillion, up from Sh953 billion reported in the first half of 2020.
Commenting on the performance, KCB Group CEO Joshua Oigara said the bank’s resilient and …
Regional bank Equity Group Holdings has announced a 98 percent growth in half year profits to Sh17.9 billion up from Sh9.1 billion registered the previous year.
The Group’s Managing Director and CEO Dr James Mwangi said attributed improved performance to the defensive and offensive strategy, which they adopted at the onset of the COVID-19 pandemic.
As such, deposits registered a 51 percent growth to Sh820.3 billion up from Sh543.9 billion, while long term borrowed funds grew by 78 percent to Sh102.3 billion up from Sh57.6 billion.
Net Loans and advances grew by 29 percent to Sh504.8 billion up from Sh391.6 billion, while investment
in Government securities grew by 46 percent to Sh315.5 billion up from Sh216.4 billion resulting in 50 percent
growth in Total Assets to Sh1.12 trillion up from Sh746.5 billion.
The CEO also revealed that the strategy led to a 33 percent growth in topline Total Income to …
A new report by the Central Bank of Kenya has revealed that bed occupancy in some Kenyan hotels increased to 30 percent in June and July, respectively, from 19 percent in April.
Bed occupancy in hotels in Nairobi and Mombasa counties improved in July, while the occupancy in the rest of the country declined.
The occupancy levels in hotels in Nairobi and Nakuru counties were boosted by the World Rally championship in June.
The report noted that hotels in Nakuru County reported that they were fully booked during this event.
In addition, the end of financial year expenditure by the national and county governments boosted hotels operations in the rest of the country in June.
Hotels in Mombasa reported improved business in July 2021, mainly attributed to the July school holiday and the high season for tourists.
Consistent with the improved level of bed occupancy, the utilization of restaurant services …
The coronavirus pandemic continues to have devastating effects on key markets in the Kenyan economy, among them paints and coatings.
This is according to Crown Paints Group Chief Executive Officer Dr. Rakesh Rao who has attributed the high cost of raw material in the paint industry to continued impact of virus.
The CEO said the situation remains worrying, particularly, on how it has impacted on the cost of raw materials, both on price of materials and loss of time due to worldwide logistical inefficiencies.
Dr. Rao said raw materials costs had increased by between 40-60 percent and warned that should the situation continue, the construction sector’s overall performance would be negatively affected.
“We remain cautious due to the continued lockdowns in the country. For instance, partial lockdown in Kisumu County, one of our strongest markets, has adversely affected our sales”, Dr. Rao explained.
To deal with the changed brought forth …
