1/ Today in the Daily Nation is the story of Tuskys' fall from riches to rags.
The Big Q is Where did the money all go?
Tuskys seemed to be doing well for nearly a decade:
2/ But all unraveled by 2020 when covid hit and creditors came calling:
3/ "Over the past two years, Tuskys has sold goods worth Sh537 million – slightly more than 1 per cent of the figures the giant retailer would hit before trouble started in 2020"
4/ The challenge is sibling rivarly:
5/ Hefty salaries and dividends and staff stealing:
6/ The key shareholders:
7/ The secret knight in shining armour from Mauritius:
8/ Equity Bank might be the final nail on the Tuskys coffin:
9/ Well, the competition has also been nibbling at whatever is left of Tuskys:
—Total Assets: +17.7% to 3.5B
—Net Income: +8.5% to 235M
—PAT: +3.8% to 116M
—Dividend rate on deposits: 20%
—Interest rate on member deposits: 11%
2. Magereza DT Sacco:
—Total Assets: +12.7% to 7.9B
—Net Income: +33.4% to 606M
—PAT: +53.9% to 129M
—Dividend rate on share capital: 10%
—Interest rate on member deposits: 6%
10 Key Takeaways from the CBK Post-MPC Briefing by the Governor.
1. CBK is keen on the separation of Safaricom & M-Pesa:
"One of the factors that has been delaying this..is the tax liability which is fairly significant in the order of at least KES 75B & what to do with it"
2. There has been a sharp rise in remittances to Kenya this year:
"If one were to compare the first two months of 2024 (Jan & Feb 2024), we see remittances for those two months compared to the two months in 2023 have increased by more than 20%"
3. There was a slowdown in growth in credit to the private sector in Feb 2024 from 13.8% to 10.3%
"A certain amount of private sector loans is denominated in dollars & therefore, when the exchange rate appreciated the level of credit to the private sector did decline"
We selected the top #MwangoMemes from 2023 for you to enjoy!
1. The Kenya shilling closed 2023 at KES ~157 against the dollar.
Earlier in the year the President had promised that it would be trading at around 115 to 120 in a few months.
#MwangoMemes
@coldtusker @OchiengJasper @Brianmbunde @Bebi_16 @swabrah @KenyansNoContxt @Dicksonmagecha @MugambiNandi @alexmwanzo @InvAnalystKe 2. Kenya Power [ @KenyaPower] sought to enter the internet business.
It identified some 93 hotspots in Nairobi & Mombasa where it will connect with high-speed internet through 1,331.68 km of overhead fiber optic cables in phase 1 of its data business.
#MwangoMemes
3. There was a proposal to make Kenyans working abroad make mandatory contributions to a new Fund.
Every migrant worker would have to register as a member of the fund before departing the country.
1. Kenya's backlog of incomplete projects reaches KES 1.3 T, sparking calls for a halt on new government projects until existing ones are completed
#MwangoMemes
@MihrThakar @KenyansNoContxt @PesaWall @alexmwanzo @swabrah @NguliMT @MwangiMaina_ @Brianmbunde @arnoldi254 @DollyOgutu 2. Taxpayers are facing a new burden as President Ruto's administration plans to secure an additional KES 362B to fund his second full-year budget, set to surpass the KES 4T mark for the first time.
More debt on the way:
#MwangoMemes
3. Emergency loans the Treasury has tapped directly from CBK [ @CBKKenya] have hit a historical record KES 91.13 B.
According to CBK data, GoK’s overdraft has grown from KES 61.12 B at the end of July to KES 88.33B on December 1.
#MwangoMemes
The Hass Real Estate Index Q2 2023 Report by
@HassConsult :
1. Land prices in Nairobi:
— General land prices for Nairobi’s 18 suburbs stagnated with slower demand and a decline of 0.1 % in the quarter but an overall increase of 1.2% in the year. https://t.co/4T7q3zyZUz