“Finance Act 2023 was constitutional,” Supreme Court rules

Your daily dose of Kenya's Business and Financial News

Author

Brian Nzomo
October 29, 2024

Bonsoir! 🙂 

Here is a quick round-up of our main business stories for the day…

🧑‍⚖️ Supreme Court overrules appellate court’s decision on Finance Act 2023 decision

The highest court in the land has set aside the verdict of the Court of Appeal declaring the Finance Act 2023 unconstitutional. Government can now operationalize its budget under the Finance Act 2023, marking a victory for the Treasury, parliament, and the Attorney General. After the collapse of the Finance Bill 2024, government was forced to rollout its budget with last year's act. It was a huge blow when the Finance Act 2023 was nullified over lapses in the public participation process. Why did the seven-judge bench rule that the appellate court got it wrong on the Finance Act 2023 decision?

💡Kenya Power’s Profits Soar Tenfold as Electricity Sales Rise by 21%

No more red ink for listed utility company, Kenya Power, which has recorded a profit of KSh 30.08 billion for the FY2024 ending June. Last year when the energy firm registered a KSh 3.19 billion loss, overall finance costs stood at KSh 24 billion. Now the company says it has managed to lower those costs significantly, thanks to the strength of the Kenyan shilling when the year began. The stable currency enabled Kenya Power to purchase more power cheaply and settle loans with diminished values. Also read how rising power demand impacted higher sales…

🛒 Retail Outlets Record Higher Sales Despite tough Economic Climate

The third quarter of the year was a fairly good period for Mombasa-based businesses, which reported 83% in increased sales. Businesses in Nairobi, Nyeri, Eldoret, Nakuru and Kisumu recorded 68%, 50%, 48%, 44% and 41% respectively. A big proportion of increased sales was driven by more customers purchasing goods, followed by existing customers purchasing more goods. While this was impressive, struggling sellers reported higher taxes, inflation, and changing consumer preferences as persisting hindrances to their businesses. Have a look at some of the most purchased goods in Q3…and associated income trends.

Other top stories today

Kenya Power & KenGen Stocks Soar After Record Profits, Dividends

Kenya Power and Kengen have seen their price gain 49.7% and 31.1% respectively in a single day.

kenyanwallstreet.com/kenya-power-kengen-stocks-soar-after-record-profits-dividends/

KenGen’s Profits Surge 35.5% to KES 6.8 Billion

KenGen's board recommended a first and final dividend of KES 0.65 per share, with the Annual General Meeting (AGM) on 28, 2024.

kenyanwallstreet.com/kengens-profits-surge-35-5-to-kes-6-8-billion

China's Hexing Group to Invest KSh 1.29bn in Nairobi Assembly

Hexing Group will invest US$10 million (KSh 1.29 billion) to establish a Nairobi-based assembly line imported power products.

kenyanwallstreet.com/chinas-hexing-group-to-invest-ksh-1-29bn-in-nairobi-assembly

Around the Continent…

Nigerian Fintech Moniepoint Raises US$110mn in Series C Round

Nigerian startup Moniepoint has secured US$110 million in equity financing to expand its integrated financial platform and overall growth.

kenyanwallstreet.com/nigerian-fintech-moniepoint-raises-us110mn-in-series-c-round

Fitch Upgrades Ethiopia’s Credit Rating as Addis Cuts Domestic Borrowing

Fitch Ratings has raised Ethiopia’s credit rating, citing easing financing pressures coupled with improved macroeconomic stability.

kenyanwallstreet.com/fitch-upgrades-ethiopias-credit-rating-as-addis-cuts-domestic-borrowing

Brand Partnerships

Purple Dot International Ltd Breaks Ground for Marigold II Residential Development in Lang'ata, Nairobi

Purple Dot International Ltd proudly launched Marigold II, its latest residential project, in a groundbreaking ceremony.

kenyanwallstreet.com/purple-dot-international-ltd-breaks-ground-for-marigold-ii-residential-development-in-langata-nairobi

Video of the Day

May the sun rise 🌞