Category: BUSINESS

  • ICPAK Appoints New Chief Executive Officer

    ICPAK Appoints New Chief Executive Officer

    The Institute of Certified Public Accountants of Kenya (ICPAK) wishes to announce the appointment of CPA Dr. Grace Kamau as the new Chief Executive Officer following the approval of the Council per Section 12(1) of the Accountants Act of 2008.

    Her three-year tenure takes effect from 1st August 2023. Currently, CPA Dr Grace serves as the acting Chief Executive Officer of the Institute, a position she has held since January 2023. Previously, she served as the Director of Finance and Strategy at ICPAK. She has also held various senior executive leadership positions in other blue-chip organizations in Kenya and the region.

    CPA Dr. Grace brings on board a wealth of vital experience and expertise in leadership, sound financial management, strategy formulation and execution, stakeholder management, ICT, research, and talent management among other skills. Her appointment marks a pivotal moment for ICPAK, as we set our sights on becoming a globally recognized hub of excellence for the accountancy fraternity.

    CPA Dr. Grace holds a PhD in Business Administration (Strategic Management) from the University of Nairobi. She also holds a Master of Business Administration (MBA) (Strategic Management) degree from the same university and a Bachelor of Commerce (Accounting) degree from Kenyatta University. She is a Certified Public Accountant (CPA) and a member of ICPAK, a Certified Investment and Financial Analyst (CIFA) and a member of ICIFA. She also holds membership in the Institute of Directors (IoD) and the Association of Women Accountants in Kenya (AWAK). In addition, CPA Dr. Grace serves in various boards and committees in the public, private and Not-for-profit organizations, both locally and internationally.

    The Council congratulates CPA Dr. Grace on her appointment. This marks a pivotal moment for ICPAK, as we set our sights on becoming a globally recognized hub of excellence for the accountancy fraternity.

    FCPA George Mokua

    ICPAK Chairman

  • Road to 100: Naivas Opens yet another Store in Kisii region

    Road to 100: Naivas Opens yet another Store in Kisii region

    The leading retailer in the greater Eastern Africa region is kicking off its new financial year with a loud bang, returning to Kisii town close to 13 years since it first opened an outlet there in November of 2010.

    The newest Naivas outlet, which is the 96th branch of the supermarket is a Hypermarket and will be among the top 10 branches in physical size that the retailer operates making the #RoadTo100 a lot more exciting.

    The branches all located in Kenya, are spread across 24 towns and cities in the country. This is the greatest number of branches that any Kenyan supermarket chain has ever operated, and we are all witnessing history in the making.

    The hypermarket covers 32000 square feet of trading space and sits in a mixed-use development, the first of its kind in the County.

    This development is a much-needed facelift for the town which has been on an upward trajectory in terms of economic development.

    Beyond where the outlet is set up, the store itself bears an elevated look and feel compared to its predecessor which will be marking its 13th birthday this November.

    “This new store is truly a triumphant return to the town shoppers have continually asked for a more modern and bigger space and I am truly proud of how we’ve innovated to offer exactly what our customers asked for and in more ways than one exceeded their expectations. Naivas as always lives up to its brand promise of “saves you money” which is ingrained in our DNA and setting up shop within our communities is one sure way of doing that. As has been the tradition in every branch opening, Kisii residents will enjoy a 4-week campaign dubbed “Gusii mokaboria tokabaigwa” Translating “Kisii you asked and we listened”. This outlet is birthed by the ask of the people of Kisii. We listen to our customers, and this move underscores our commitment to making shopping experiences for all customers across Kenya more affordable, more convenient and most importantly dignified. The outlet has been long awaited by our customers who have basketfuls of expectations from us and as usual, we shall deliver nothing short of a world-class shopping experience crowned by the unmistakable Kenyan hospitality as only we can offer,” remarked Willy Kimani, Naivas Chief Commercial Officer.

  • Khartoum medical aid program in danger as MSF staff face beatings, death threats and theft

    Khartoum/Paris, 21 July 2023

    By Omboki Monayo

    omboki2725@gmail.com

     

    An MSF convoy was stopped on the afternoon of July 20 by a group of armed men while transporting medical supplies to the Turkish Hospital in southern Khartoum. The team was comprised of four MSF staff, four truck drivers and a team of 10 daily workers.

     

    “After arguing about the reasons for MSF’s presence, the armed men then aggressively assaulted our team, physically beating and whipping them, as well as detaining the driver of one of our vehicles,” Christophe Garnier, MSF’s emergencies manager for Sudan, told sasanews.org.

     

    “The armed men threatened the driver’s life before releasing him. They then stole the vehicle,” Garnier added.

     

    In the wake of this horrific incident, MSF is warning that the organisation’s activities in this hospital are now in serious jeopardy and will not be able to continue if minimum safety guarantees are not met.

     

    “In order to save people’s lives, the lives of our staff who are there to carry out this lifesaving work must not be put at risk. If an incident like this happens again, and if our ability to move supplies continues to be obstructed, then, regrettably, our presence in the Turkish Hospital will soon become untenable”, says Mr Garnier.

     

    The Turkish Hospital is one of only two hospitals that are still operational in the whole of southern Khartoum. Both facilities are supported by MSF, which is one of only a few international medical humanitarian organisations that are still present in the city.

     

    Since the escalation of the current crisis in Sudan, MSF has been actively working in the 12 states of Khartoum, Kassala, Al-Jazeera, West Darfur, North Darfur, Central Darfur, South Darfur, Red Sea, El-Gedaref, Blue Nile, River Nile, and White Nile States.

     

    Since the onset of the fighting, the MSF-supported hospital in El Fasher, North Darfur, carried out over 600 surgeries for war-wounded people, or women requiring emergency obstetric care. Among other activities, MSF provides paediatric, malnutrition and maternal health services, runs mobile clinics and provides medical and water and sanitation services to displaced people.

     

    “Despite working in 11 states, the scale of our activities in Sudan is in no way commensurate with the huge needs faced by the people,” Mr Garnier reveals.

     

    “We have striven to increase our activities but these attempts have been consistently hindered by both warring parties, despite their many public commitments to the facilitation of humanitarian assistance, including those formally set out in the Jeddah Declaration of Commitment to Protect the Civilians of Sudan,” he adds.

     

    MSF also supports hospitals in east Khartoum and Omdurman in addition to south Khartoum. In this region, it helps the Ministry of Health keep the hugely fragile health system afloat, but the aftermath of yesterday’s incident – and the series of incidents that have preceded it – is pushing the non-profit organisation to think that its ongoing support program may soon no longer be possible.

     

    This incident happened just 700 metres away from the Turkish Hospital, where hundreds of patients including children are currently undergoing treatment.

     

    According to Mr. Garnier, the health facility has just admitted a fresh batch of patients in need of restorative health care after a bombing incident.

     

    “Only yesterday we received 44 patients who were wounded in an airstrike. Three and a half weeks ago, we received another mass influx of war-wounded people – mainly women and children – who were injured following the escalation of fighting around the Central Reserve Police headquarters,” he said.

     

    On a daily basis, this hospital receives around 15 war wounded patients. It also carries out lifesaving surgery and keeps patients with chronic diseases alive. Our teams work around the clock under intense conditions to treat all those who need medical care, but are now unfortunate targets of violence including physical attacks and abuse when they leave the hospital after work.

     

    MSF has treated over 1,600 war-wounded patients in Khartoum since the conflict began and our intentions are to continue to do this. However, the security situation has deteriorated so dramatically over the past few weeks that our presence in the Turkish Hospital is now in question.

  • Huawei to scale youth digital skills training with upgraded DigiTruck

    Huawei to scale youth digital skills training with upgraded DigiTruck

    Huawei has upgraded the internet on its DigiTruck to 5G as it seeks to increase the internet speeds and numbers of youth who can benefit from training on digital skills, aiming to reach at least 1,200 youth in the next year.

    Speaking during the official launch of the Huawei CPE Pro 2 on DigiTruckn, Ian Korir, the firm’s CSR Coordinator explained that the significance of the upgrade lay in DigiTruck’s new capability to deliver a 5G experience to the learners on the program. A CPE (Customer Premises Equipment), often also known colloquially as a router, or a dongle, is a device with a sim card inside that connects to a mobile network and provides Wi-Fi access to devices nearby to connect to that network. Therefore, even non-5G devices can use Wi-Fi to connect to the CPE and benefit from the 5G speeds.

    “Ultimately, we plan to cover all 47 counties in Kenya, to deliver the much-needed digital skills to all people, leaving no one behind,” said Korir.

    Huawei’s CPE Pro 2 powered by 5G facilitates high speed internet that enables online learning for children across the country. This will enable children to have fast learning practical experience in experiments, coding and programming. It has 5G antennas and supports multiple 5G frequency bands to get the best coverage and capacity. CPE Pro 2 also allows students to upload videos in an instant, livestream in 4K high-definition graphics and unlock the full potential of Augmented Reality and Virtual Reality. Korir noted that the DigiTruck’s newly enhanced features will power additional lessons for the Kenyan youth as they troop to start and run online businesses in line with the government’s digital masterplan.

    Korir pointed out that Huawei, together with its partners, who are Safaricom Women in Technology, Kenya National Innovation Agency, National Youth Council and ICT Authority, continue to leverage on partnerships in each of the locations visited across the country including county and national government and regional technology hubs such as Swahili Pot in Mombasa. The team kicked off school visits that are expected to take at least one week across several learning institutions in Mombasa County

    Safaricom’s Women In Technology Vice Chair, Dianah Ogeto noted that the partnership between the two firms would foster greater hands-on learning experience, which would thus promote their mantra of see-and-believe model that they use to steer the children to STEM uptake in schools through one their programs that include Kids In Tech.

    For the past three and half years, Huawei’s Digitruck has provided access to ICT skills training for more than 3,000 youth across 25 counties in Kenya. Previously it has used a 4G CPE to provide connectivity but with the Safaricom 5G network rapidly expanding across the country felt it appropriate timing to upgrade the CPE to benefit from the faster speeds. Where 5G networks are not available, the CPE will connect to Safaricom’s 4G network which covers around 97% of the population.

    “In this rapidly evolving digital era, having proficient digital skills has become a necessity rather than a luxury. The DigiTruck serves as a transformative platform that empowers young individuals by bridging the digital divide and creating awareness of digital skills across the whole country but specifically targeting the underserved population. This awareness helps them to know what is available in the job market as career options, opportunities of learning that can spark an interest in furthering their education and for the business enthusiasts to discover various platforms that can enable their business growth and expansion. Moreover, the DigiTruck fosters a spirit of innovation and creativity, encouraging young minds to explore their potential and pursue entrepreneurial endeavors in the digital realm,” explained Korir.

  • Unpacking The Designs And Innovations Inspired By You

    Unpacking The Designs And Innovations Inspired By You

    By: Dr. TM Roh, President and Head of Mobile Experience at Samsung Electronics

    Last year, I expanded my responsibilities as head of Samsung’s MX Business, to lead our Corporate Design Center. My career as an engineer taught me that the most sublime designs are intertwined with technological innovation. This new responsibility allows me to delve deeper into how the synergy of design, engineering, and R&D can yield transformative experiences. With my fellow designers, I’ve embarked on a deep exploration of Samsung’s design strategy to understand our roots and envision our growth.

    Different Times, Unchanged Commitment

    In 1996, Samsung committed to a philosophy: “Inspired by Humans, Creating the Future.” It means our creations are conceived with a deep understanding of you, the user, and we hold an unwavering belief that a user-centric approach is the key to the future.

    We feel this even more keenly nearly 30 years on, as we contemplate the fluid nature of human interaction. Users value experiences over mere achievements and meaningful connections over raw technological prowess. We have distilled the Samsung design philosophy into three guiding identities, each one with you at the center: our products must be essential, innovative, and harmonious.

    Essential design prioritizes clarity of purpose and ease of daily use. Innovative design emphasizes originality, reflecting purpose in new and distinct ways. Harmonious design ensures all elements work together for a holistic purpose, aligning with societal, environmental and ethical values.

    Inspired by Humans, Creating the Future

    These three design identities are exemplified by our latest hardware and software ecosystem.

    Take, for instance, the act of folding and unfolding a smartphone. It seems simple. However, that simplicity users feel is only achieved through a rigorous focus on what is most essential and intuitive. The minimal, sleek appearance housing specialized hinge functionality emphasizes our commitment and the inherent beauty of essential design.

    We’ve raised the standards for foldable smartphone ergonomics. A difference of millimeter in a device’s thickness may not sound like a big change, but every gram and millimeter in a foldable device requires an engineering breakthrough. It demands craftsmanship with passion. When done well, the benefit to users is huge. That’s why we’ve innovated to make our latest foldables slimmer and lighter while at the same time, more durable than our previous generations.

    With our foldables, your self-expression reaches new levels with, literally, the most flexible camera experience. You can capture the perfect angle, hands-free. The enhanced multitasking experience like a PC also raises the bar for productivity. You can work, collaborate, or game on-the-go.

    Samsung Galaxy Tab and Wearables are designed in the same spirit. They work with each other harmoniously in an ecosystem that opens up a powerful connected experience, serving as a seamless extension of your needs, priorities and unique personality.

    Whatever the Samsung Galaxy experience is, when we say, “Inspired by Humans,” we don’t just mean people. We also mean their communities, their environment and their planet. Samsung Galaxy devices are being designed with sustainability in mind, because even the smallest actions contribute to a large impact such as protecting our planet. When we say, “Creating the Future,” that includes our responsibility today to ensure a sustainable tomorrow for the future generation.

    Our Shared Journey to a Better Tomorrow

    When design comes together with technological innovation, it brings forth new possibilities. With innovative technologies, people can make the most of today and ultimately create the best possible tomorrow. We invite you to join us at Unpacked, where we’ll pull back the curtain on our latest devices and experiences inspired by you, created for you.

    In a way, they were nearly 30 years in the making, a culmination of decades of human-inspired design. But this is also just the beginning. Seeing the ways our innovations blend into your lives, enabling new possibilities for creativity, productivity or self-expression, will inspire the next steps of our journey. So, let’s navigate this journey together, harnessing design and technology to create a future that truly reflects you.

    Mark your calendars for July 26!

  • KBL Awards Three Grand Winners of the 3rd NCP Edition in Uthiru, Nairobi

    KBL Awards Three Grand Winners of the 3rd NCP Edition in Uthiru, Nairobi

    Kenya Breweries Limited (KBL) has awarded other three grand winners of the recently launched edition of the National Consumer Promotion (NCP) campaign of  ‘Jipe Form  na Senator Ushinde’ at Hardrock Bar in Uthiru, Nairobi.

    This is after a successful award that went to the first grand winner on 10th May 2023Mr Felix Nyaneko. Shelmith Wangui Maina, Stephen Maingi and Timothy Erina Ekhalie were the three lucky winners in the last draw of the ongoing promotion who won Kshs2 million and were awarded Kshs1 million to invest in their own personal growth and another Kshs1 million to be donated to a community of their choice.

    Stephen Maingi, one of the grand winners noted, “At first, I couldn’t believe when I was called by the Kenya Breweries official line but today, I am one happy man. This winning will go a long way in supporting my family as well as my businesses that and I cannot wait to support my community with the remaining one million. I would like to thank Kenya Breweries for this award, and I would like to encourage consumers to keep on participating because you could be next.”

    Speaking during the event, Abel Ratemo, Brand Manager at KBL also noted that, “With the launch of this new consumer campaign, we hope to continue to change lives by providing a legitimate source of income for our local brewers and improving the overall well-being of our consumers by reducing the deaths that result from illicit brews.”

    As a way of showing their commitment to the welfare of its customers, KBL’s Jipe Form na Senator Ushinde campaign aims to reward loyal consumers and enrich their lives and communities. With a total worth of Kshs 97 million, the campaign will run for three months and will see five grand lucky winners each receiving Ksh2 million.

    Additionally, 20 consumers will receive monthly home makeovers, 12,000 winners will receive weekly shopping vouchers, and a whooping 1,980,000 winners will receive daily cash and airtime vouchers. These rewards highlight the Senator’s dedication to the well-being of its customers.

    So far, 5 home makeover winners, 3 in Embu and 2 in Nairobi, have received their deliveries and were happy for the timely gesture from EABL that has alleviated them off the burden of the current hard economic times.

    “Over the years, KBL has been intentional in contributing significantly to the development and prosperity of the Kenyan economy. Catalyzing the creation of thriving communities is embedded in our vision and sustainability agenda. Now more than ever, we understand that our business must be a force for good. Through initiatives such as these, we are scaling up our commitment to promoting social sustainability and economic empowerment of our communities,” Mr Abel added.

    The Head of Emerging Business also congratulated Ms Shelmith, Mr Stephen and Mr Timothy on their win and added, that he hopes the grand winners will make good use of the win to transform their lives economically and generate more wealth within their communities.

  • LG Electronics Unveils New Smart Cam Elevating User Experience for LG Smart TV Owners

    LG Electronics Unveils New Smart Cam Elevating User Experience for LG Smart TV Owners

    ·         This innovative device seamlessly integrates with LG’s webOS-powered smart TVs*, providing a host of premium apps and services that cater to the diverse needs of customers.

    ·         Ensuring user security and privacy, the Smart Cam comes with an integrated cover that effectively blocks the camera lens when not in use, safeguarding users from potential security breaches.

    LG Electronics has unveiled its revolutionary Smart Cam (model VC23GA), offering users unrivaled convenience and an enhanced user interaction experience.

    This innovative device seamlessly integrates with LG’s webOS-powered smart TVs*, providing a host of premium apps and services that cater to the diverse needs of customers.

    With its Full HD (FHD) video camera, built-in dual microphones, and multi-view function, the Smart Cam connects effortlessly with LG Smart TV hence improving user experience.

    Speaking on the new innovation, LG Managing Director, East Africa Dongwon Lee said users can enjoy convenient video calling and conferencing, elevating their home fitness experience, and much more. “It’s a true game-changer for LG Smart TV users seeking convenience and seamless integration. As LG Electronics, we remain committed to enhancing users’ everyday lives by delivering exceptional value and differentiated user experiences. The flawless integration of the Smart Cam and LG TV enhances convenience, interactivity, and entertainment opportunities for LG TV owners, revolutionizing the way they interact with their devices,” said Lee

    The Smart Cam is compatible with a wide range of services available on LG TV’s webOS platform, offering a diverse and compelling interactive experience. For instance, the Remote Meeting feature allows users to effortlessly connect with co-workers, clients, family, or friends using the innovative web-based video conferencing service. Remote Meeting works seamlessly across PCs, laptops, smartphones, and LG TVs, eliminating the need for a laptop or PC connection. Setting up the app on an LG TV is fast, simple, and hassle-free, providing users with ultimate convenience. Furthermore, the Smart Cam’s built-in microphones eliminate the need for extra peripherals, streamlining the experience even further.

    Fitness enthusiasts will particularly appreciate the benefits of pairing an LG Smart Cam with an LG TV. The Exercise app, utilizing advanced AI motion and exercise recognition algorithms, tracks the user’s body movements in real-time to provide accurate feedback on exercise techniques, optimizing performance.

    Additionally, the integration with FlexIt, a platform offering camera-assisted live one-on-one sessions with top fitness and wellness professionals, enhances the customized user experience. FlexIt provides tailored programs, motivational tips, and tricks to support users in achieving their fitness and well-being goals, enabling a healthier lifestyle.

    The Smart Cam and LG TV duo also open up new entertainment options. The Fun Mirror selfie app offers a wide array of filters, fun photo effects, and editing options, bringing joy and creativity to users’ lives. Additionally, the popular dance tutorial app, 1M Home Dance, in collaboration with LG and South Korea’s iconic 1 MILLION Dance Studio, delivers various tutorials and dance clips. With the Smart Cam connected, users can participate in the choreography by performing alongside the instructor in Camera Mode, enhancing their dancing skills more efficiently.

    Ensuring user security and privacy, the Smart Cam comes with an integrated cover that effectively blocks the camera lens when not in use, safeguarding users from potential security breaches.

    With its slim design and magnetic connectors, the LG Smart Cam seamlessly blends in with compatible LG Smart TVs launched in 2022, including the lifestyle TV lineup, adding a touch of style to the modern aesthetic. The built-in dual microphone guarantees crystal-clear voice quality, enhancing the overall user experience.

  • Xiaomi Celebrates and Rewards #LiveVividKe Dance Challenge Winners

    Xiaomi Celebrates and Rewards #LiveVividKe Dance Challenge Winners

    Xiaomi Kenya, today, announced the winners of the #LiveVividKe dance challenge. The campaign that was launch a month ago saw a record number of entries with hundreds of creative routines submitted on Tiktok. The challenge dared Xiaomi fans to post videos on them dancing to the #LiveVivid Anthem by Fathermoh ft Ssaru & Vijana Baru Baru.

    The winners Don Puffy, Amanda Joy and Leila came out on top having submitted the most creative and most liked routines to the song. The campaign gave them an opportunity to challenge themselves and to compete with other incredible dancers. The challenge is part of the Redmi Note 12 Series campaign that is driving Kenyans to #LiveVivid.

     

    The spirit of the Redmi Note 12 Series is to inspire people to Live Vivid; with its incredible camera, users can vividly immortalize every moment, its smooth and vivid display creates an amazing user experience and its large battery and fast charging ensures Xiaomi fans never miss a moment.

     

    Xiaomi has found that most of its fans and young people in general have their own unique way of life and self-expression, but they all live vividly and live wonderfully. In Kenya, the Gen Z deeply value their individual identity and are not afraid of embracing what is uniquely their own. They use a wide range of outlets to express their uniqueness, but for most, music inspires them and allows them to connect with one another and with different cultures.

  • Local infrastructure projects seek over Ksh700bn financing from pension industry

    Local infrastructure projects seek over Ksh700bn financing from pension industry

    ·         Kenya Pension Funds Investment Consortium considering 57 infrastructure and alternative investments with an aggregate value of $5.5 bn.

    ·         Energy, transport, affordable housing, healthcare, agriculture, MSME’s and ICT among sectors eyeing funding from pension schemes.

    The Kenya Pension Funds Investment Consortium (KEPFIC) has received infrastructure and alternative investment proposals collectively worth over Ksh.700 billion ($5.5 billion) from project sponsors and fund managers looking to raise capital from the local retirement benefits schemes. The proposals come as local pension schemes expand their search for suitable investments to provide diversification and higher returns for pensioners.

    The announcement was made during the opening of the two-day KEPFIC Annual Investment Conference in Nairobi today, where the shortlisted investment opportunities were presented to the local pension fund investors and discussed with project sponsors, fund managers, and industry experts. The projects under evaluation by the pensions investors span different sectors such as energy, property, affordable housing, healthcare, water and sanitation, transport and logistics, agriculture, telecoms, and ICT among others.

    The mobilization of funds for different sectors by KEPFIC aligns with the Kenyan government’s plan to mobilize over Ksh.100 billion in private sector capital through priority projects that deliver nationally significant infrastructure, drive growth and have the highest benefit to Kenyans as outlined in the 2023/24 National Budget Proposal.

    “Kenyan pension schemes are in search of profitable, secure, and impactful investments for better returns for their members. Infrastructure and alternative assets are an attractive but untapped new asset class for pension schemes and offer attractive returns and much-needed portfolio diversification benefits, delivering better overall investment performance,” said Ngatia Kirungie, the Head of the KEPFIC Secretariat and CEO of Spearhead Africa, during the conference opening.

    According to the Retirement Benefits Authority, the pension industry assets under management stand at approximately Sh1.5 trillion. Pension funds are allowed to put up 10% of their assets into infrastructure as per the RBA investment guidelines passed in 2020. Traditionally, pension funds have invested in government securities, listed equities, and direct property investments but infrastructure investments remain hugely untapped yet profitable and sustainable in the long term.

    KEPFIC, founded as an industry-wide initiative supported by the Joint Capital Markets Program (J-CAP), a World Bank Group program, and USAID, works together with pension fund trustees, fund managers and regulators to address the challenges that pension schemes face while investing in alternative assets. These challenges include limited visibility on investment opportunities, large capital requirements, and a lack of specialized investment expertise.

    “As a consortium, we look for bankable projects with suitable returns that support sustainable economic development. They also have to be backed by strong environmental, social, and governance principles. By the end of 2022, we had mobilized over Ksh15 billion from local pension scheme investors into a number of alternative asset opportunities,” Mr. Kirungie added.

    Some of the investments by KEPFIC members include a bond issued by the Kenya Mortgage Refinance Company (KMRC) for affordable housing mortgage refinancing, and the development of student housing through a real estate investment trust (REIT) established by developer Acorn Holdings.  Another upcoming investment is in the Lot 3 road project in North Eastern Kenya under the Kenya Roads Annuity public-private partnership (PPP) program developed with technical assistance from the World Bank.

    Through support from USAID, KEPFIC has established partnerships with US-based pension funds to explore infrastructure co-investment opportunities in the region. With the support and co-investment partnerships is has cultivated, KEPFIC aims to mobilize and invest at least USD250 million (Approx Ksh.35 billion) in infrastructure assets in the near term and provide competitive returns and diversification opportunities to the member funds and co-investors.

  • LG Release Preliminary Earnings for Q2 -2023, Posts KES 100 billion In Operating Profit

    LG Release Preliminary Earnings for Q2 -2023, Posts KES 100 billion In Operating Profit

    LG Electronics Inc. (LG) has announced KES 100.21 billion in operating profits in its preliminary earnings for the second Quarter of 2023 ending June 30th 2023.  This is the second-highest second-quarter operating profit in the company’s history.

    The operating profit increased by 12.7 per cent compared to last year’s quarter, reflecting continuous growth based on the company’s strategy to strengthen business competitiveness. At the same time, the electronics company recorded its highest second-quarter revenue at KES 2.24 trillion revenue within the same review period.

    Giving his remarks on the performance, LG Electronics Inc CEO William Cho said the revenue reflects the company’s actions to fundamentally improve its business structure by continuously expanding the B2B segment despite profitability being impacted by the challenging global economic conditions and intensifying competition in the market.

    “These exceptional figures reflect the hard work and dedication of our talented team and the strength of our innovative products across various markets. We remain committed to driving forward our vision of creating a better life for our customers through cutting-edge technology and exceptional user experiences. We are confident that our continued focus on innovation and customer satisfaction will lead to even greater success in the future.” Said Cho.

    Of the different LG Business Units, LG Home Appliance & Air Solution Company recorded strong profitability on the back of increased sales of high-demand products such as air conditioners, energy-efficient heat pump-enabled products, and energy storage systems.

    On the other hand, the LG Home Entertainment Company achieved meaningful growth in content and service businesses based on LG’s webOS smart TV platform. At the same time, the company’s Lifestyle Screens are expanding sales and driving the premium TV market.

    The LG Vehicle Component Solutions Company exhibited continuing growth momentum supported by high order backlog of auto parts and stable supply chain management. At the same time, the company’s growth was positively impacted by a stable business portfolio made up of the 3 key areas of infotainment, e-powertrain and lighting solutions.

    The LG Business Solutions Company is accelerating the expansion of the customer experience to discover potential customer demand by introducing the world’s first commercial television sets to feature Apple AirPlay technology support for hotel TVs.