Browsing: Nairobi Securities Exchange (NSE)

Flame Tree Group (FTG) Holdings has announced a 64% increase in pre-tax profit up to KES148.4 million ($1.4 million)  for the 2020 Financial year, from KES90.5 million ($900,000 USD) posted the previous year.

FTG Holdings is the diversified manufacturer and distributor of plastic tanks, cosmetics, snacks, spices and playground equipment.

According to the Nairobi Securities Exchange (NSE) listed firm, all profit ratios showed major improvements.

In a press statement issued on Thursday, April 15, the firm noted that sales increased by 20% and the gross margin grew by 39% from 34 p.p. to 39 p.p.

The company was able to cut down costs and achieve savings in all areas, following the implementation of a cost-saving plan.

However, there was an increase in depreciation costs (due to new equipment and asset revaluation from previous year), debt impairment, and finance costs (impacted by the devaluation of the Kenyan Shilling) in FY2020.

All …

The second 20 years Treasury Bond that was auctioned last week by the Central Bank of Tanzania has oversubscribed, again.

The Bank of Tanzania (BoT) was forced to close the trading session as the market gabbled up the high interest rate bond.

The  bond had an attractive interest rate of 15.85 percent coupon rate was offered in the 20-year instrument held on Wednesday slightly down compared to 16.21 per cent of the session held in February this year.

The auction was meant to serve as a debt instrument that the government targeted to raise only 117bn/-, local media reported mid week. However, interest for the bond was more than anticipated with the government, through the BoT, racking in a whopping 276.86bn/- that is more than double the targeted amount.

As mentioned this is actually the second 20-year Treasury Bond to be auctioned this year and both had good response, both …

As the rest of the country shuts down all entry ports, heavily reliant on tourism, the spice Isles of Zanzibar are allowing charter flights to land but with strict conditions.

Isles authorities have permitted charter flights bringing tourists to the island to land but on condition that all persons on board enter a 14 days quarantine stay, at their own expense.

This surprising turn of events happens in the backdrop of ongoing global threat of the spread of coronavirus. Even leading sports leagues have been cancelled and regional high profile meetings are been held on conference calls.

Across Africa, the tourism industry has come to an almost complete shutdown. It is time immemorial since a disease stopped people from touring and going for holidays, at least not since the deadly World War I and II power viruses.

With most all African countries eventually succumbing to the threat and finally closing …

Industries and households in Kenya could soon be out of frequent power interruptions and outages as Kenya Power kicks off live maintenance of power lines.

The programme launched on Monday this week is meant to reduce planned electricity shutdowns, enhance stability of power supply and improve revenue generation.

READ ALSO:How Kenya Power plans to manage electricity tariffs

The launch follows the completion of the pilot phase where more than 70 staff were trained to carry out maintenance of live power lines.

During the pilot phase, eight insulated trucks and three digger derricks were also acquired.

Following the success of the pilot phase, the World Bank has funded the programme to a tune of $20 million (about Ksh2 billion) for procurement of additional insulated trucks, tools and accessories, training of staff in live line maintenance techniques and establishment of a laboratory for testing live line equipment.

READ ALSO:World bank

The Kenya Power Board of Directors has appointed Bernard Ngugi as the Managing Director & Chief Executive Officer of the Company.

This brings to an end to the short-term leadership of outgoing acting managing director Jared Othieno who has been at the helm of the company since July last year, when he temporarily took over to replace former graft embattled MD Ken Tarus.

READ ALSO:Kenya Power appoints interim management team after arrest of top bosses

Prior to his appointment, Mr Ngugi was the company’s general manager in charge of Supply chain.

The appointment now places a substantial boss in the top office at the Nairobi Securities Exchange listed firm , which has been struggling with dwindling profits in recent times.

Mr Ngugi has over 30 years’ experience in the company with expertise in financial and revenue accounting, internal audit and supply chain management. He holds a Master of Business …

Kenya’s leading power generator-Kenya Electricity Generating Company (KenGen) has clinched a US$56.2 million contract to drill 12 geothermal wells in Ethiopia.

The contract with Ethiopia’s independent power producer Tulu Moye Geothermal Operations (TMGO) PLC will also include installing a water supply system and equipment.

KenGen will supply drilling materials and also provide operation and maintenance services for both the drilling equipment and the water supply system.

Speaking on Thursday about the multi-million shillings project, KenGen Managing and CEO Rebecca Miano said it was the second and the company’s largest consultancy outside Kenya.

In February this year, KenGen won a contract to drill geothermal wells for the Ethiopian Electric Power (EEP) in Aluto, Ethiopia.

READ:KenGen and Chinese companies on Ethiopian geothermal project

The contract in Aluto is for the implementation of drilling rigs and accessories as well as rig operation and maintenance for drilling geothermal wells.

It is financed by …

East Africa’s largest insurance group, Jubilee Holdings Limited, has signed a deal with Credit Bank in a move that will see the two entities launch education and investment plans through the Bancassurance model.

The plan to be rolled out by Credit Bank through ‘My Friend Insurance Agency’’ seeks to focus on ensuring that customers of both entities build an education fund and a savings portfolio over a period of time through the bank’s Bumblebee Account, as well as Jubilee Insurance’s array of investment and education plans like Fanaka and Career Life Plus.

This will be facilitated through the use of Bancassurance sales officers strategically positioned at the bank’s 17 branches countrywide.

Jubilee Insurance and Credit Bank see this as an opportunity to entrench a saving culture among Kenyans that currently stands at 11.2 per cent of GDP, according to the latest report by the National Treasury.

READ ALSO:Kenya’s

Kenya’s leading telecommunication company-Safaricom on Wednesday marked 19 years since the company launched.

During the celebrations, the Nairobi Securities Exchange (NSE) listed telco unveiled a new strategy and renewed its commitment to its customers.

Under the new structure, Safaricom is committing to be ‘simple, transparent and honest’ across all its products and operations.

READ ALSO:Majority of Kenya’s job-seekers dream of working at Safaricom

As part of its efforts to simplify its products, the company has unveiled a new data plan, and a new calling and SMS plan that will respectively offer data bundles and calling minutes with no expiry.

Both data bundles, calls and SMS with no expiry are immediately available on *544#

“Over the last 19 years, we have come a long way together with our customers. As we celebrate our anniversary, it is a unique opportunity to reevaluate our operations to ensure that we remain relevant to …

NCBA Group PLC has listed 793.8 million shares on the Nairobi Securities Exchange following the merger of NIC Group PLC and Commercial Bank of Africa Limited (CBA) earlier this month.

The merged entity will trade as NCBA at the NSE. The previously listed entity, NIC Group’s issued and paid up share capital stood at Sh3.5 billion ($$33.77 million) (comprising 703.9 million ordinary shares of Sh5 each ($0.048).  NCBA now has a total of 1.49 billion issued shares with a par value of KES 7.45 billion (71.89 million).

NCBA Group PLC officially commenced operations on Tuesday, 1st October 2019 following approval by the Central Bank of Kenya and the National Treasury on 27 September 2019. Shareholders of both institutions had earlier, in April 2019, approved the merger.

Speaking during the bell ringing ceremony to kick of the trading of the new shares, NCBA Group Chairman James Ndegwa, noted that the …