Business highlights August 4 2017 – Drought leads to acute shortage of powder milk at New KCC

Business highlights August 4 2017 – Drought leads to acute shortage of powder milk at New KCC

Drought leads to acute shortage of powder milk at New KCC:

Output of powdered milk at New KCC plummeted by an overwhelming 74% in the 2016/2017 fiscal year on the back of severe milk shortage in the country due to the recent protracted drought.

Data from the Kenya dairy board (KDB) indicates that the volumes of powdered milk fell from 3.8 million tonnes in 2015/2016 financial year to 1 million tonnes in the fiscal year ended June 2017.

“This is a very huge decline of powdered milk produced. It is an indicator that there was a serious shortage of milk in the market,” said KDB managing director Margaret Kibogy.

Kenya Re nets Ksh16 billion post-tax profit in HY1 2017:

Kenya Re has posted a Ksh1.6 billion net profit for the half year ended June 2017 as gross written premiums and investment income grew marginally in the period under review.

Gross written premiums recorded a 6% growth to Ksh7.5 billion from Ksh7.09 billion recorded in the same period last year.

Earnings from investment grew marginally from Ksh3.6 billion from Ksh3.55 in 2016.

The reinsurer attributed the performance progressive efforts to provide quality reinsurance service.

The firm however cited challenges that hindered a better performance among them stiff competition and premium undercutting in the market.

Power blackout leaves Huduma Centre in the dark:

Huduma Centre services at the General Post Office (GPO) in Nairobi’s central business district have been stalled by a power blackout.

Reports indicate that Kenya Power disconnected power in GPO’s ground floor lobby which hosts Huduma Centre on Monday due to unpaid electricity bills.

According to a source who sought anonymity, Huduma Centre has never contributed to footing of bills at the premises since its inception in 2013 despite yet they make money from the services they offer.

“Kenya Power came here and cut off electricity because Posta has not paid for the services. However, Posta has declined to pay since Huduma Centre does not chip in but still enjoys the services,” he said.

 

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