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The AGOA Cliffhanger...
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Kenya’s apparel exports are booming, according to the latest economic data, but AGOA’s uncertain future puts the export-reliant industry at risk. With tariff threats looming, manufacturers are holding their breath…
This and more stories in today's edition of our daily newsletter… I am Brian from The Kenyan Wall Street.
THE AGOA CLIFFHANGER: Why the Textile Industry is Concerned…
Kenya’s apparel exports to the US hit KSh 60.6 billion in 2024, marking a 19.2% rise from the previous year, thanks to the AGOA duty-free trade program. The volume of apparel rose significantly to 116 million pieces, with capital investment and employment in the sector also seeing strong growth.
Kenya now has 40 enterprises under AGOA, employing over 66,000 people directly. However, the looming expiry of AGOA in September 2025 and new US tariff threats cast uncertainty over its future. Kenya’s Export Processing Zones also thrived, with total sales reaching KSh 136.2 billion in 2024. Manufacturers are now urging Washington to renew AGOA to protect Kenya’s critical export gains. Here is the full article »»»»»
Today's Poll
Should the U.S renew the AGOA deal? |
Markets
DIVIDEND RESUMPTION : How TPS Serena Performed in 2024
🟢 TPS Eastern Africa PLC, the operator of Serena Hotels, has reinstated its dividend payout after a five-year break, declaring KSh 0.35 per share for FY2024. This move reflects the company’s recovery after profitability challenges, including the effects of the COVID-19 pandemic.
Financial Breakdown:
♦️ Net profit surged by 188% to KSh 1.3 billion compared to KSh 457 million in FY2023.
♦️ Revenue grew by 5.2%, reaching KSh 10.19 billion, up from KSh 9.68 billion the previous year.
♦️ Finance costs dropped by 57.7%, totaling KSh 670.9 million.
♦️ An unrealized forex gain of KSh 830 million from the appreciation of the Kenya Shilling boosted earnings.
♦️ The company’s total equity rose by 7.1%, amounting to KSh 11.54 billion.
🟠 𝐔𝐦𝐞𝐦𝐞 𝐄𝐱𝐭𝐞𝐧𝐝𝐬 𝐍𝐞𝐠𝐨𝐭𝐢𝐚𝐭𝐢𝐨𝐧𝐬 𝐰𝐢𝐭𝐡 𝐔𝐠𝐚𝐧𝐝𝐚𝐧 𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭, 𝐓𝐫𝐚𝐝𝐢𝐧𝐠 𝐒𝐮𝐬𝐩𝐞𝐧𝐬𝐢𝐨𝐧 𝐭𝐨 𝐑𝐞𝐦𝐚𝐢𝐧 𝐔𝐧𝐭𝐢𝐥 𝐌𝐚𝐲 𝟑𝟏. The Company has extended talks with the Ugandan government to May 20. If unresolved, the dispute heads to arbitration in London. Trading remains suspended by Uganda Securities Exchange until financials are released by May 31.
🟢 Safaricom surged to KSh 20.00 on May 14, 2025 — its highest level since March 27, 2024 — triggering a 3.16% jump in the NSE All Share Index $NASI, the strongest daily gain in over a year.
Safaricom's share price movement
NSE Gainers and Losers
Source : NSE
SPOTLIGHT : A Chat with the Safaricom Financial Overlord
In this exclusive interview, Safaricom CFO Dilip Pal breaks down the key drivers behind the telco giant’s impressive financial performance — including mobile money (M-PESA), data growth, AI adoption, and Safaricom’s expansion into Ethiopia.
ADIOS : Ogilvy Africa Bids Farewell to Prime Client
Listed advertiser, WPP Scangroup, has confirmed the end of the 15-year engagement between its flagship agency, Ogilvy Africa, and telecoms operator Airtel Africa, as the marketing group contends with wider restructuring following its full-year loss. The termination of the contract, disclosed in an announcement by the Capital Markets Authority (CMA) on Tuesday, marks the conclusion of one of Africa’s longest-standing advertising relationships. Continue reading »»»»»»
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