Eyes on EABL

In today’s newsletter, EABL gains a 12% profit growth amid rising illicit alcohol and murmurs of Diageo’s Africa exit, while Marula Mining quietly positions Kenya’s copper, graphite, and manganese to fuel the global EV boom from Kilifi to Mombasa.

I am Brian from The Kenyan Wall Street and these are our day's business stories:

A Market Glance at Kenya's Biggest Brewer 

A toast to growth comes with a warning as illicit brews, policy crackdowns, and shifting drinking habits reshape the market.

By Harry Njuguna

The East African Breweries (EABL) is toasting a 12% jump in profit, yet the celebration comes with a bitter chaser. Across Kenya, illicit brews are flooding the market, now outpacing formal alcohol for the first time in years.

Investors whisper about Diageo’s possible retreat, but CEO Jane Karuku brushes it off with a laugh and a question: “What Diageo exit?” Behind the polite optimism lies a story of shifting consumer habits, tax maneuvers, and a fight to keep drinkers legal. Read the full report here »»»»»

This comes amidst NACADA’s new National Policy on the Prevention of Alcohol, Drugs, and Substance Use. The policy calls for stricter enforcement, tighter licensing, and community-driven prevention, but the booming informal market shows just how hard that will be in a country where legal drinks are increasingly unaffordable.

The tension is clear: while NACADA frames its strategy as a moral and social shield, the formal industry is quietly panicking. Every litre lost to illicit brews drains tax revenue, weakens corporate earnings, and threatens the survival of breweries that have been Kenya’s industrial backbone for decades.

Also on Capital Markets 

Privatizing the Pipeline : All Set for September IPO

In a late-July decision, the Cabinet cleared Kenya Pipeline Company for a September IPO, hinting at a rare state retreat from its commercial grip. President Ruto, fresh from London, framed the listing as a leap toward “democratized ownership,” though the details remain shrouded in privatization paperwork and political choreography. Investors whisper of a Safaricom-style rebirth, yet KPC’s sprawling pipelines and bureaucratic baggage cast a long shadow. Nairobi’s markets, starved for a state listing since 2008, are holding their breath. Read more »»»»»

NSE Gainers & Losers 

Marula’s Minerals Rush

Marula Mining wagers that Kenya’s hidden minerals will power the world’s electric dreams

By TKWS Desk

In a country where 90% of the grid hums on clean energy, Jason Brewer of Marula Mining sees more than red soil and acacia. He sees the makings of an EV empire. From Kilifi’s manganese veins to the graphite near Voi, Kenya is quietly assembling the raw ingredients of the global battery economy.

Unlike the old African playbook of shipping rocks abroad, Marula promises to refine and process metals at home, a small rebellion against the continent’s resource curse. A five-year pact with Bow Steel and the lure of Apple and Tesla’s appetites give this dream both weight and urgency.

Brewer is also eyeing lithium and copper, betting Kenya’s stability can outshine the DRC’s riches shrouded in risk. A Nairobi Securities Exchange (NSE) listing now beckons, a bid to charm conservative local investors with the sheen of production and cash flow. Read more >>>>>

On your Watchlist 

Tanzania’s Business Ban : A Betrayal of Regional Integration?

Tanzania’s small-business ban rattles East Africa’s open-market dream

By Fred Obura

Tanzania has slammed its doors on foreign traders, barring outsiders from running 15 small-scale businesses from salons to tour guiding. The East African Community calls the move a breach of its Common Market Protocol, warning it could fracture the region’s fragile integration.

Kenya, heavily exposed to cross-border trade, is lobbying for dialogue while Uganda’s Museveni pleads for a united continental market. Regional meetings are piling up in Arusha and Nairobi, but the clock is ticking toward compliance deadlines. For now, the promise of a borderless East Africa feels more like a slogan than a reality. Read more »»»»»

Also Read

Stories you missed 

♦️ Companies. Cigarette maker, BAT’s gross revenue fell to KSh 18.5 billion, extending a three-year slide as the company’s sales are weakened by aggressive excise tax hikes and the surge in illicit cigarettes.

♦️ Policy. Kenya is preparing to impose a KSh 100 million capital requirement on online betting operators after the Senate approved the final version of the Gambling Control Bill

♦️ Telcos. Airtel Africa’s Profit after tax soared by over 400% to US$156 million in Q1 2026, with revenues up 22% to US$1.42 billion, compared to the same period last year.

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