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- HF Group profit surges 105%
HF Group profit surges 105%
Your daily dose of financial news
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It's Brian from The Kenyan Wall Street.
Here are our lead stories for the newsletter today:
📉 HF Group Q3 Profit Surges by 105% Amidst Rights Issue
HF Group Plc has reported its financial results for the third quarter of 2024, posting a 105% year-on-year growth in profit after tax to KES 483 million, up from KES 236 million in the previous period. The profit surge comes as the Group embarks on a KES 6 billion rights issue aimed at fortifying its capital base and expanding its product portfolio. Read this article to see how their results look like…
🏦 Diamond Trust Bank Profits up 13% to KSh 7.4 Bn
Diamond Trust Bank (DTB) Kenya has posted a KSh 7.4 billion in the 9 months to September – a 13% increase from KSh 6.6 billion recorded in 2023. The growth was driven by a 5.9% increase in the total operating income supported by increases in both net interest income and non funded income in the period. Read more on the bank's financial performance here
🥑 Kakuzi Joins WPP Scangroup in Profit Warning Alerts
Kakuzi Plc, a listed agricultural firm, has issued a profit warning for the full year ending 31st December 2024, citing lower turnover from Avocado exports coupled with supply chain disruptions resulting from tension in the Middle East. The Nairobi Securities Exchange listed firm said it anticipates at least a 25% decline in net profits for the period ending 31st December 2024, compared to earnings in the same period in 2023. Read here to understand why this is happening…
🥳 Kenyan startup VunaPay wins renowned Latitude59 pitch competition
VunaPay, a Kenyan startup revolutionizing instant payments for farmers, has triumphed at the Latitude59 Pitch Competition hosted yesterday at A.S.K. Dome in Nairobi. This is the second time Latitude59, Estonia’s flagship start-up and tech event, has hosted a satellite event in Kenya. While the pitch competition attracted over 380 applications from 37 countries, with only ten startups making it to the final pitch stage. VunaPay emerged victorious, impressing the jury with its impactful solution for farmers and its scalable potential; the win secures the young startup a trip and a booth at Latitude59 2025 in Tallinn, covered by Latitude59. More on this story continues here…
🏠Kenya Aligns SEZ Act 2015 with EAC, AU Frameworks
The government is undertaking amendments to the Special Economic Zones Act 2015 to align with the regional and continental frameworks, including the Africa Continental Free Trade Area. The changes are geared towards making Kenya’s special economic zones more attractive , competitive and globally integrated. Here's more on this story
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