Browsing: BAT

Nairobi Securities Exchange investor sell-off in 2023
  • In 2023, a significant investor sell-off led to a $15.5 million (KSh4.2 billion) decline in the Kenya stock market.
  • During the review period, Safaricom’s market valuation declined, attributed in part to prolonged and price-agnostic portfolio outflows by foreign investors in favor of dollar-denominated assets.
  • Utility Umeme Limited recorded the highest valuation gains throughout 2023, registering an impressive 115.6 percent return.

Nairobi Securities Exchange-listed firms, including Safaricom PLC, British American Tobacco (BAT), and Cooperative Bank, emerged among the top counters experiencing the highest investor sell-off in 2023, a new trading report reveals.

Over the past year, a consistent trend of investor flight led to the Nairobi Securities Exchange (NSE) witnessing a drop of $15.5 million (KSh4.2 billion) in the value of shares traded on the bourse

The 2024 outlook report by AIB-AXYS Africa Investment indicates that despite some firms, such as Safaricom, recording improvements in share prices towards the end …

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  • The country is considered East Africa’s strongest economy.
  • It is among countries facing a huge challenge of illicit trade, estimated to be valued at above USD6.34 billion (Ksh800 billion).
  • According to official government data, up to 70% of imported goods are counterfeits.

Kenya has a domestic market of over 50 million people and is among the leading economies in sub-Saharan Africa.

The country is considered East Africa’s strongest economy, with the region having a GDP of about USD163.4 billion (at purchasing power parity, about USD$473 billion), and the average GDP per capita is about USD941 (at purchasing power parity, $2,722).

In addition to the EAC market, investors in the partner States have access to other African markets such as COMESA, SADC and AfCFTA, as well as international markets through preferential trade arrangements.

The Common Market for Eastern and Southern Africa (COMESA) comprises 21 Member States with a population of 560 …

BAT Kenya Posts Sh2.9bn Half Year Profit

However, cumulative taxes increased by 2% to a total of sh9.4 billion, which reflects higher exercise duty charges and increased profitability.

The increased tax liability that BAT faces is a result of recent hikes in exercise duty rates, one of which will be a five per cent rise in November 2021.

After a 10% increase in the rate of excise duty took effect in July of 2022, it is anticipated that the impact of the higher duty will continue to have a significant influence on the second half of the year.
The Board of Directors of BAT has approved a proposal to pay an interim dividend of Ksh.5 per share, which would amount to a total pay-out of Ksh.500 million and would be distributed on or around 16 September.

According to a statement released by the BAT Kenya Company Secretary, Kathryne Maundu, “the interim dividend, which will be paid on …