Victor Juma

Senior Business Reporter at Business Daily Africa

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Articles

NCBA Group directors buy extra Sh404 million stake

2 days ago | businessdailyafrica.com | Victor Juma

NCBA Group directors, including chairman James Ndegwa, acquired an additional 8.09 million shares with a current market value of Sh404.9 million, raising their stakes in the Nairobi Securities Exchange-listed lender. The companyâ€™s latest annual report shows that Desterio Oyatsi raised his holdings the most by 5.5 million shares in the year ended December 2024 to reach 21.7 million shares in the period.
Co-op Bank links 619 saccos to front office services

6 days ago | businessdailyafrica.com | Victor Juma

The Co-operative Bank of Kenya has linked an additional 135 savings and credit co-operatives (saccos) to its banking platform, expanding the commercial ties it has with the thrift institutions, which are both a key shareholder and client base for the Nairobi Securities Exchange-listed firm. The lender says it had linked 619 saccos with front office services activity (FOSA) in the year ended December 2024, up from 484 a year earlier.
NCBA records Sh266m gain from buyout of insurer AIG

1 week ago | businessdailyafrica.com | Victor Juma

NCBA Group has booked a gain of Sh266.8 million from its acquisition of insurance firm AIG Kenya, with the amount indicating that the new subsidiary will perform better as an integrated part of the banking group than when it was a standalone business. The Nairobi Securities Exchange-listed firm, which already owned a 33.33 percent stake in AIG, spent Sh1.07 billion last July to buy the remaining stake. The 33.33 percent stake was acquired in 2006 at a cost of Sh332.5 million.
BAT payout to tobacco farmers rises to Sh1.1 billion

2 weeks ago | businessdailyafrica.com | Victor Juma

Tobacco farmers contracted by BAT Kenya earned Sh1.12 billion in the year ended December 2024, marking a 17.4 percent increase from the year before when the company paid them Sh954 million. The company buys most of its tobacco leaf from farmers in Meru and Western Kenya, with the raw product used to manufacture cigarettes for the local and export markets.
Absa CEO Abdi Mohamed gets 39pc pay rise to Sh109 million

2 weeks ago | businessdailyafrica.com | Kabui Mwangi |Victor Juma

The chief executive of Absa Bank Kenya Abdi Mohamed received a 39.7 percent pay rise in the year ended December 2024, taking his total compensation to Sh109.7 million. This was up from Sh78.5 million a year earlier, with the board rewarding Mr Abdi for a performance that resulted in net income and dividends growing by double digits.
BOC eyes growth after collapse of takeover deal from Carbacid

3 weeks ago | businessdailyafrica.com | Victor Juma

Industrial and medical gases manufacturer BOC Kenya says it will now pursue growth on its own after the termination of an agreement to sell itself to carbon dioxide specialist Carbacid Investments. The parties called off the deal last month citing too much delay in closing the transaction, ending the plan to create the largest and most diversified gases firm in the region.
Moody’s upgrades outlook for Kenyan banks on interest rates fall

2 months ago | businessdailyafrica.com | Victor Juma

Ratings agency Moody’s has upgraded its outlook for Kenyan banks, citing improved macro-economic conditions in the country including the stable shilling and falling interest rates. The agency says banks’ profitability will drop but remain strong this year, as the industry adjusts to lower lending margins, returns on government securities and higher provisions for bad loans. “We have revised our outlook on the banking system of Kenya (Caa1 positive) to stable from negative.
Carbacid’s profit declines 10pc on weaker export sales

2 months ago | businessdailyafrica.com | Victor Juma

Carbacid Investments recorded a 10.3 percent drop in net profit to Sh434.9 million in the half year ended January as a stronger shilling eroded the value of its sales in the regional markets. The carbon dioxide manufacturer, whose product is used by producers of alcohol and soft drinks, had posted a net income of Sh485.1 million a year earlier.
SBM loses second bid to block Fidelity’s shareholders’ suit

2 months ago | businessdailyafrica.com | Victor Juma

The High Court has rejected a bid by Mauritian multinational SBM Holdings Limited, to stop a court case in which former shareholders of Fidelity Commercial Bank are seeking a compensation of Sh2.5 billion. This is the second such decision by the court after a similar application by the multinational’s subsidiary, SBM Bank Holdings, was thrown out on July 28, 2023.
Longhorn narrows net loss to Sh148 million

2 months ago | nation.africa | Victor Juma

Longhorn Publishers narrowed its net loss by 28.3 per cent in the six months to December 2024 as the company cut costs aggressively in response to a plunge in sales. The firm’s net loss contracted to Sh148.6 million in the review period from Sh207.4 million a year earlier. Longhorn slashed its cost of sales to Sh165.8 million from Sh458.7 million as revenue fell by 46.9 per cent to Sh525.8 million from Sh278.8 million.