HF Group profit surges 105%

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November 29, 2024

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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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Digital ID company Smile ID clocks 200 Million Identity Verification Checks

More financial institutions, fintechs, telecoms in Africa are tapping on Smile ID’s innovative KYC solutions, as the company announced that it had surpassed 200 million identity verification checks. “Reaching 200 […]

kenyanwallstreet.com/digital-id-company-smile-id-clocks-200-million-identity-verification-checks

Fund Managers Association Emphasises Need for More Gender Inclusive Finance Industry

Kenya’s Fund Managers Association (FMA) and TDB Bank are teaming up to host their first ever Charity Golf Tournament.

kenyanwallstreet.com/fund-managers-association-emphasises-need-for-more-gender-inclusive-finance-industry

All Pre-2018 Used Cars Should Be in Kenya by December 31, KEBS Reminds Importers

vehicles registered in 2017 or earlier have less than five weeks to be cleared due to the eight-year rule, Kenya Bureau of Standards (KEBS).

kenyanwallstreet.com/all-pre-2018-used-cars-should-be-in-kenya-by-december-31-kebs-reminds-importers

Kenya's Mawingu Acquires Arusha-based Internet Service Provider Habari for KSh. 1.9bn

Mawingu Networks, a Kenyan Internet Service Provider (ISP) has acquired Habari, an Arusha-based ISP, for KSh 1.9bn.

kenyanwallstreet.com/kenyas-mawingu-acquires-arusha-based-internet-service-provider-habari-for-ksh-1-9bn

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