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Friday 29th of March 2019 |
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From outrage to icon: Paris marks 30 years of Louvre's pyramid @AFP Africa |
It was once decried as an architectural "obscenity", but as the Louvre's glass pyramid turns 30 on Friday, it has become a cherished icon of the French capital. One eminent writer called for revolt in the streets when French president Francois Mitterrand's flamboyant culture minister Jack Lang first unveiled the plans for what is now regarded as Chinese-American architect I. M. Pei's masterpiece. Plonking a modernist pyramid into the centre of a Renaissance palace was considered sacrilege, with one satirical magazine calling it a tomb and joking that Mitterrand -- who was suffering from cancer -- "wants to be the first pharaoh in our history". Pei -- who will be 102 next month -- remembers "receiving many angry glances in the streets", with up to 90 percent of Parisians said to be against the project at one point. Yet in the end, even that stern critic of modernist "carbuncles", Britain's Prince Charles, pronounced it "marvellous". Pei's masterstroke was to link the three wings of the world's most visited museum with vast underground galleries bathed in light from his glass and steel pyramid. Such was his success that the conservative French daily Le Figaro, which had led the campaign against his "atrocious" design for years, celebrated his genius with a supplement on the 10th anniversary of the pyramid's opening in 1999. "The pyramid is right at the centre of a monument central to the history of France (the Louvre is the former palace of the country's kings.)" "The Louvre is the only museum in the world whose entrance is a work of art," Martinez insisted. The pyramid is "the modern symbol of the museum", he said, "an icon on the same level" as the Louvre's most revered artworks such as the "Mona Lisa" or the "Venus de Milo". Pei is not alone in being savaged for changing the cherished landscape of Paris. In 1887, a group of intellectuals that included Emile Zola and Guy de Maupassant published a letter in the newspaper Le Temps to protest the building of the "useless and monstrous Eiffel Tower", an "odious column of sheet metal with bolts."
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Russia throws down the gauntlet to US on Venezuela @BhadraPunchline Law & Politics |
The Foreign Ministry spokesperson Maria Zakharova acknowledged in Moscow on Tuesday that Russian “specialists” are indeed in Venezuela within the ambit of a 2001 military-technical cooperation agreement with Caracas. Zakharova underscored that Russia’s bilateral military cooperation with Venezuela is in accordance with the latter’s constitution and has legal underpinning, which “doesn’t require any additional approval from the (opposition-controlled) National Assembly of Venezuela.” This followed media reports that two Russian air force planes landed at Caracas on Saturday carrying Vasily Tonkoshkurov, chief of staff of the ground forces with nearly 100 military personnel and some 35 tonnes of material. An unnamed official at the Russian embassy in Caracas told the Sputnik that the Russian personnel had arrived to “exchange consultations. Russia has various contracts that are in the process of being fulfilled, contracts of a technical-military character.” Zakharova’s remarks came a day after Foreign Minister Sergey Lavrov received a phone call from the US Secretary of State Mike Pompeo on March 25. The Russian readout said Pompeo was “interested in certain issues related to the developments in Venezuela.” It added, “Sergey Lavrov emphasised that Washington’s attempts to organise a coup d’etat in Venezuela and threats to its legitimate government are a violation of the UN Charter and blatant interference in the domestic affairs of a sovereign state… After stating principal differences in Russian and US positions, the officials agreed to stay in touch and continue to exchange assessments.” The state department readout, however, claimed that Pompeo warned Russia “to cease its unconstructive behavior” in Venezuela” and that Washington and its regional allies “will not stand idly by as Russia exacerbates tensions.” It also said Pompeo accused Russia of “continued insertion … to support the illegitimate regime of Nicolas Maduro in Venezuela [which] risks prolonging the suffering of the Venezuelan people who overwhelmingly support interim President Juan Guaido”. Meanwhile, on Monday and Tuesday, in a series of tweets, US national security advisor John Bolton vent anger and frustration: “Maduro has lost the support of the Venezuelan people, so he’s relying on Cuban and Russian support to usurp democracy and repress innocent civilians… Rather than sending nuclear-capable bombers and special forces to prop up a corrupt dictator, Russia should work with the international community to support the Venezuelan people. The United States will not tolerate hostile foreign military powers meddling with the Western Hemisphere’s shared goals of democracy, security, and the rule of law… Maduro asks for Cuban and Russian goons to suppress the people of Venezuela.” With these developments, the crisis situation around Venezuela may deem to have acquired a New Cold War dimension to it. Clearly, Moscow has weighed the pros and cons of the Venezuelan situation and has decided to be unapologetic about its support for the Maduro government. Despite the US outbursts, Moscow is showing no signs of backing off, either. The big question ahead is whether Russia is climbing the escalation ladder. Indeed, the stepping up of the military-technical cooperation stems from the assessment in Moscow that the desperate US attempts to engineer / sponsor a military coup in Caracas aren’t getting anywhere. Meanwhile, President Nicolas Maduro announced in an interview with the Russian state television today that “a high-level working session on intergovernmental cooperation” between Russia and Venezuela is due to take place in April where “we will sign over 20 documents on cooperation in economy, trade, culture, energy and education.” Suffice to say, Moscow intends to step up its support for Maduro and is drawing up a plan of action to develop a comprehensive bilateral cooperation program with a medium and long term perspective. Now, that can only mean that in the Russian assessment, US’ blueprint to overthrow the regime through economic sanctions and other covert actions (such as the sabotage of power supply) and various methods of political and diplomatic pressure (including illegal confiscation of Venezuelan assets in western banks running into tens of billions of dollars) can be and must be countered. It is interesting that Cuba, which is rich in experience in countering the US’ coercive policies, is working shoulder to shoulder with Russia in this direction. From all appearance — so far, at least — a direct US military intervention in Venezuela to forcibly change the regime is not on the cards. Rather, a cold-war era war of attrition appears to be looming ahead. Can Russia sustain the financial and economic burden involved? But the analogy of the Russian intervention in Syria does not hold good here insofar as Venezuela is potentially a rich country with the world’s largest proven hydrocarbon reserves. Equally, China is also a stakeholder in Venezuela’s economic stability. On the other hand, it is vitally important for Russia that the US, which aspires to be the number one exporter of oil and gas, does not gain control of the vast Venezuelan reserves, as that would mean an enormous capacity falling into Washington’s hands to manipulate the supply and demand in the world energy market and set the price of oil and gas. In geopolitical terms, a strong Russian presence in Venezuela becomes a negotiating chip for Moscow in dealing with the growing NATO and American deployments along Russia’s western borders in central and eastern Europe and the Baltic states. That alone makes Venezuela a strategic partner for Russia. Plainly put, any projection of Russian power in the US’ backyard will at some point sooner rather than later impress upon Washington the imperative need to constructively engage Moscow in dialogue and negotiations, howsoever unpalatable that prospect might be. In fact, at one point, Zakharaova pointedly touched on the Trump administration’s Munroe Doctrine, asking in an acerbic tone, “What are they (US) themselves doing in Eastern Hemisphere? Perhaps, they believe that the people of this part of the world will be thankful when Washington wilfully changes their leaders and kills the unwanted ones. Or the US still believes that people are waiting for the Americans to bring democracy to them on the wings of their bombers. Ask Iraqis, Libyans or Serbs about it.” Zakharova did not explicitly mention Ukraine or the Baltic states and Poland and the Black Sea and the Caucasus, but the implicit meaning is clear: If the US interferes in Russia’s backyard, Moscow serves the right to retaliate. Period. It is useful to recall that the denouement to the Cuban Missile Crisis in 1962 was ultimately on the basis of a reciprocal withdrawal of Russian missiles in Cuba and the American missiles deployed in Turkey. Pompeo’s phone call to Lavrov suggests that the US is trying to figure out the Russian intentions. Interestingly, the Russian readout mentioned that Lavrov also brought up Syria and Ukraine during the conversation with Pompeo. Lavrov’s remarks were rather sharp: “He (Lavrov) also stressed that the US’s intention to recognise Israel’s sovereignty over the Golan Heights would lead to a serious violation of international law, impede the Syrian settlement process and aggravate the situation in the Middle East. Speaking about Ukraine, Sergey Lavrov noted that Washington’s playing into the Kiev regime’s hands in torpedoing the Minsk Agreements on the settlement of the intra-Ukrainian conflict was unacceptable.” Curiously, on the contrary, the US state department readout completely omitted any references to Syria or Ukraine. Evidently, it was too much of a hot potato for Washington to even acknowledge that Lavrov might have drawn a parallel with the US behaviour in the ‘Eastern Hemisphere’, which Russia finds utterly unacceptable.
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4 FEB 19 :: "The edge... There is no honest way to explain it because the only people who really know where it is are the ones who have gone over," Hunter S Thompson. Law & Politics |
The Chavez Revolution was always a rebellion in the Superpower’s back yard and the machine was eventually going to bring it to heel by hook or by crook.
Access to oil defined 20th-century empires and the petrodollar agree- ment was the key to the ascendancy of the United States as the world’s sole superpower America’s war machine runs on, is funded by, and exists in protection of oil. Threats by any nation to undermine the petrodollar system are viewed by Washington as tantamount to a declaration of war against the United States of America. The Chavez Revolution was always a rebellion in the Superpower’s back yard and the machine was eventually going to bring it to heel by hook or by crook. Oriental Review’s Andrew Korybko headlines his Article ‘’A Venezuelan coup could challenge OPEC+ and build “fortress America”
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@Twitter is considering labeling @POTUS tweets that violate its rules @CNN Law & Politics |
Twitter is considering labeling tweets that violate its rules but should remain on the platform because they're in the public interest. Vijaya Gadde, Twitter's head of legal, policy and trust made the announcement during an on-stage interview with the Washington Post on Wednesday. The social media company is trying to find a way of maintaining its standards while adding context to tweets from politicians and other figures that may be offensive but are important for public debate. Twitter has come under fire from some critics who say President Donald Trump's tweets often violate its rules against bullying, dehumanization and threatening harm.
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05-DEC-2016:: "We have a deviate, Tomahawk." Law & Politics |
From feeding the hot-house conspiracy frenzy on line (‘’a constant state of destabilised perception’’), timely and judicious doses of Wikileaks leaks which drained Hillary’s bona fides and her turn-out and motivated Trump’s, what we have witnessed is something remarkable and noteworthy. Putin has proven himself an information master, and his adversaries are his information victims.
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13-AUG-2018 :: Cold Turkey. @TheStarKenya Law & Politics |
He said, “Don’t get high on your ambitions. You won’t be able make money on the back of this nation. You won’t be able to make this nation kneel.” [They have already made a ton of money and you are kneeling, Mr. President] And then ‘’Even if they got dollars, we got ‘our people, our God’’’ [In the markets that is called a ‘’Hail Mary’’ pass]
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@RT_Erdogan told young voters in Ankara that Turkey had thwarted "attacks" by the United States and the West on the lira @Reuters Law & Politics |
Earlier, he told young voters in Ankara that Turkey had thwarted “attacks” by the United States and the West on the lira and he accused some banks of playing games with the currency ahead of Sunday’s vote. He did not name the banks. “They can’t find lira now, they are struggling in terms of payments. The tables have turned. While they can’t do this, the lira firms and the dollar falls,” Erdogan said. Instead, however, the lira weakened as far as 5.6465 per dollar on Thursday from 5.33 on Wednesday. Last year, it plunged almost 30 percent against the dollar. As of 1510 GMT, it had clawed back some of its losses to 5.57. “We must discipline the speculators in the market,” he said.
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@Huawei's profit soars despite battle with US @FinancialTimes Law & Politics |
Huawei Technologies has reported record profits and strong overseas growth for 2018 despite mounting pressure from the US for countries to ditch the Chinese telecoms company from their 5G networks. On Friday the Shenzhen-based company reported that its 2018 profits rose 25 per cent to Rmb59.3bn ($8.8bn). Revenues rose 19.5 per cent to a record Rmb721.2bn, buoyed by a 45 per cent jump in sales for its smartphone unit. Huawei, which is privately owned, is under rising international pressure from the US and other countries concerned that its equipment could be used for spying by the Chinese government. Meng Wanzhou, Huawei’s chief financial officer and the daughter of the company’s founder, was arrested in Canada on a US extradition request that she face charges related to breaching Iran sanctions. “The US government has a loser’s attitude,” said rotating chairman Guo Ping. “They want to smear Huawei because they can’t compete with us.” He added that “the US has abandoned all table manners”. Responding to the mounting international criticism of the company, Mr Guo said that external pressure had helped Huawei improve. “We have more communication work to be done,” said Mr Guo. “You can see some of the results of this. Countries have made their own decisions based on their own interests, not the interests of the US.” The company forecasts double-digit growth in revenues this year. Huawei is the world’s biggest telecoms equipment manufacturer, with 28 per cent of the market, according to research company Dell’Oro, far ahead of its European competitors Ericsson and Nokia. But despite scoring the most 5G contracts in the world, at over 30, sales for the carrier division in 2018 were slightly down 1.3 per cent at Rmb294bn. Mr Guo ascribed the decrease to operators’ investment cycles, and said it was within the company’s expectations. “The carrier business has been slowing, but as the roll-out of 5G begins in earnest this year, growth should accelerate,” said Dan Wang, a technology analyst at Gavekal Dragonomics, a consultancy. “There’s a risk that pressure from the US can hurt Huawei’s business,” Mr Wang added. “Huawei will have a hard time if the US decides to limit the export of US technologies to the company.” Last year, Huawei overtook Apple for the first time to become the world’s second-biggest smartphone vendor. The company was one of the first to launch a foldable smartphone this year. While its handsets sell for 30-50 per cent of Apple’s prices, analysts say it has been quick to innovate. “Huawei smartphones are differentiated from other Chinese phones, they have their own chips after all, and stronger design,” said Fei Mu, analyst at market research company Forrester. On Thursday, a British watchdog harshly criticised Huawei for failing to improve on its engineering practices, saying that “no material progress has been made by Huawei in the remediation of the issues reported last year” and that it could only give “limited assurance” that risks to the UK’s national security could be sufficiently mitigated. Responding to the report, Mr Guo said: “The report has shown we have no backdoors. In fact we have opened the front door and provided our source code for testing.”
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10-DEC-2018 :: Truce dinner @Huawei Law & Politics |
Presidents Trump and Xi Jinping enjoyed a ‘’truce’’ dinner at the G20 in Buenos Aires, where dinner Guests broke out into spontaneous applause thereafter. At the same moment, Canadian authorities were making the arrest of Wanzhou Meng, chief financial officer of Huawei Technologies at the request of US Authorities. The US is seeking extradition of Wanzhou Meng after convincing Canada to arrest her. Canada confirmed she was in custody shortly after the Globe and Mail reported she had been arrested in connection with violating sanctions against Iran. Meng is the daughter of the founder of Huawei, a national champion in China. Bloomberg said ‘’While the US routinely asks allies to extradite drug lords, arms dealers and other criminals, arresting a major Chinese executive like this is rare -- if not unprecedented’’. “This is sending a signal that there is a new game” said Dennis Wilder An important market for Huawei has been Africa. In fact, Huawei is the bloodstream of Africa’s telecom infrastructure. How this plays out in Africa is now an ‘’above the radar’’ issue
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27-NOV-2017 :: "Wow! What a Ride!" International Trade |
Let me leave you with Hunter S.Thompson, “Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming “Wow! What a Ride!”
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At least three dead in gunfight in Comoros capital after opposition moves to unseat president @ReutersAfrica Africa |
At least three people were killed on Thursday in a shootout in the Comoros capital involving renegade soldiers who had broken out of prison, the interior minister said, as a recent election result was challenged. The firefight near the main military base took place hours after opposition candidates announced plans to unseat the president whose re-election this week they reject as fraudulent. Interior Minister Mohamed Daoudou said the mastermind of the attack was Fayssoil Abdoussalam, who was among a group of soldiers in Moroni prison accused of attempting a coup in the Indian Ocean archipelago last year Daoudou said the soldiers broke out of prison on Thursday morning. Security and military sources had said four gunmen were killed. The security source said Abdoussalam, a major, was among the dead.
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How Yahya Jammeh Stole a Country @OCCRP by Khadija Sharife and Mark Anderson Africa |
Gambia’s former President Yahya Jammeh orchestrated the embezzlement of nearly US$1 billion of public funds and illegal timber revenue during his 22-year rule, looting the treasury in a long-running conspiracy that crippled one of the world’s poorest countries. While president of the compact West African state of 2 million, Jammeh frequently drove his black stretch Hummer from his official residence in Banjul, the capital, to a lavish private estate in his home village of Kanilai. His route took him past the central bank, the social welfare office, and the headquarters of the state telecom company. These were some of the institutions Jammeh pillaged by elevating privileged civil servants to prominent positions and empowering a group of corrupt businessmen led by a key Hezbollah financier. Thousands of documents obtained exclusively by OCCRP lay bare for the first time the massive scale of Jammeh’s corruption. They show how he hijacked government funds and departments, set up private accounts at the central bank, and built a patronage network while ruling the country through a combination of guile, unbridled power, and violence. “He ran the country like an organized crime syndicate,” said Jeggan Grey-Johnson, a Gambian activist and communications officer at the African regional office of the Open Society Foundation, a pro-democracy and good governance organization. “Jammeh was the worst of dictators, but because he ruled a nobody country, nobody cared,” Grey-Johnson said. In total, Jammeh and his associates looted or misappropriated at least $975 million. Among their biggest targets:
Read more about how the country’s pension fund lined the pockets of the former president and his cronies. $363.9 million from the state-run telecoms company; $325.5 million in illicit timber revenue; more than $100 million in foreign aid and soft loans from Taiwan; $71.2 million from the Central Bank of The Gambia; $60 million from the Social Security and Housing Finance Corp., which manages disability, housing, and pension payments; and $55.2 million from the state-run oil company.
Jammeh spent some of the stolen money on his palace in Kanilai, where he had his own private mosque, built a jungle warfare training camp, and kept camels, hyenas, zebras, and other exotic animals. The spending did little to address Gambia’s needs. The country has poor health care, few basic services, and under 1,000 km of paved roads. According to the World Bank, its external debt at the end of 2017 was $489 million — less than the amount Jammeh allegedly stole. The former president, who gave himself five titles, insisted he could cure AIDS (but only on Mondays and Thursdays), and proclaimed that he would stay in power for a billion years if Allah wanted him to. He is now in exile in Equatorial Guinea, where he allegedly spends his days on a farm carved out of the jungle. The United Nations criticized Jammeh during his final election campaign for threatening to kill off the country’s most populous ethnic group — the Mandinkas — and put them “where even a fly cannot see them.” The sentiment was typical of a president who ruled through terror. At the center of his ability to strip Gambia of its meager wealth was Jammeh’s ruthless control of the government and its institutions. After capturing power in a bloodless coup in 1994 at just 29, he quickly deployed an array of official and unofficial security forces to silence dissent. His micromanagement of government affairs allowed him to exert “complete control” over Gambia, said Fatou Camara, who twice served as Jammeh’s press secretary between 2011 and 2013. “Every minister would wait for him before they made decisions,” Camara said. “Everything had to wait for the Office of the President to agree.” “The Gambia wasn’t even like a back-burner issue — it was a backwater issue,” said Cameron Hudson, a former West Africa analyst for the CIA. The Central Bank of The Gambia was known as the “number one bank” among Jammeh’s staff because they knew its coffers would continually be replenished with public money. Documents obtained by reporters show that Jammeh diverted over $71 million from the central bank’s reserves in just a few years. He used three main techniques: hijacking the bank’s accounts, creating new accounts on which he and his chosen aides were sole signatories, and using dormant accounts (which are seldom found at well-managed central banks). Sometimes he ordered the withdrawal of cash from accounts without any funds, causing them to become overdrawn. In a 2015 letter to the International Monetary Fund, while Jammeh was still in power, central bank officials wrote that the institution remained highly indebted because of significant interest charges, bad investments, over-lending to the government, and violations of its own rules — described as “policy slippages.” Today, the central bank remains in dire straits. The country owes lenders 130 percent of its gross domestic product, mainly due to “external arrears” incurred by the Jammeh administration, the IMF said in May 2018. Jammeh’s thirst for public money began soon after he captured power in 1994. In 1995, he recognized Taiwan’s independence from China in a strategic establishment of diplomatic ties also made by several other African countries. In doing so, he opened the door to some $100 million in foreign aid. The East Asian island’s development assistance was deposited into a “Special 3M” donor aid account at Citibank, the New York-based lender. Documents show that $35 million of the funding was dispersed in less than two years.
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@Aiww What's in a Name? Africa |
A name is the first and final marker of individual rights, one fixed part of the ever-changing human world. A name is the most basic characteristic of our human rights: No matter how poor or how rich, all living people have a name, and it is endowed with good wishes, the expectant blessings of kindness and virtue.
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@BritamEA reports FY 2018 EPS Loss [0.92] Earnings Kenyan Economy |
Par Value: Closing Price: 9.12 Total Shares Issued: 2523486816.00 Market Capitalization: 23,014,199,762 EPS: [0.92] PE:
Britam Holdings PLC FY 2018 results through 31st December 2018 vs. 31st December 2017 FY Gross earned premiums 24.325111b vs. 23.298311b +4.407% FY Less reinsurance premium ceded [3.263451b] vs. [3.000191b] +8.775% FY Net earned premiums 21.061660b vs. 20.298120b +3.762% FY Fund management fees 661.113m vs. 760.630m -13.083% FY Net [Loss]/ income from investment property 507.207m vs. [607.261m] +183.524% FY Interest and dividend income 6.160381b vs. 5.053975b +21.892% FY Net unrealized fair value gains/ [losses] on financial assets [3.091171b] vs. 1.413141b -318.745% FY Commissions earned 857.381m vs. 744.492m +15.163% FY Total income 26.393611b vs. 27.836674b -5.184% FY Insurance claims and loss adjustment expenses [10.704713b] vs. [11.024447b] -2.900% FY Amount recoverable from reinsurers 1.630406b vs. 2.385116b -31.642% FY Change in actuarial value of policyholder benefits [5.172833b] vs. [3.859430b] -34.031% FY Net insurance benefits and claims [14.247140b] vs. [12.498761b] -13.988% FY Operating and other expenses [8.244558b] vs. [7.355818b] -12.082% FY Commissions expenses [3.313922b] vs. [3.520150b] -5.859% FY Total expenses [28.399825b] vs. [27.023837b] +5.092% FY [Loss]/ Profit before tax [2.295870b] vs. 865.843m -365.160% FY [Loss]/ Profit for the year [2.210285b] vs. 527.474m -519.032% EPS [0.92] vs. 0.26 -453.846% No dividend Total equity 23.956170b vs. 22.670010b +5.673% Financial assets at fair value through profit/ loss 39.281935b vs. 30.611376b +28.325% Total assets 103.656332b vs. 99.024857b +4.677% Cash and cash equivalents at end of year 6.972437b vs. 8.423155b -17.223%
The Board of Directors of Britam Holdings Plc is pleased to announce the audited consolidated results for the year ended 31 December 2018. PERFORMANCE OVERVIEW The Group's gross earned premium and fund management fees registered a growth of 4% to Shs 25.0 billion from Shs 24.1 billion reported in 2017. Our life assurance business registered a higher than industry growth. The Group returned a loss before tax of Shs 2.3 billion compared to a profit before tax of Shs 865.8 million reported in 2017. A total comprehensive loss of Shs 2.9 billion in 2018 compared to total comprehensive income of Shs 1.9 billion in 2017. The reported loss is mainly attributable to: • Unrealised loss in listed equities of Shs 3.2 billion compared to a gain of Shs 0.9 billion in 2017. • Lower returns on our property investments due to the depressed property market. • One-off cost as a result of the business restructuring. • Provisions of the new IFRS 9 due to significant investments in financial assets. The Group's core business performed well: • Gross earned premium and fund management fees registered a growth of 4 percent to Shs 25.0 billion. • Life assurance recorded a premium growth of 6 percent, a higher rate than the industry and continues cementing its position as the market leader. The embedded value increased to Shs 13.9 billion, a return of 10.5 percent. • Our regional businesses contributed 18 percent of the Group's topline. • Total assets increased to Shs 103.7 billion. This is post the early redemption of the Shs 6 billion corporate bond in October 2018. • The shareholders' funds increased to Shs 23.9 billion a 6 per cent increase as a result of issuance of new shares to Africlnvest during the year. • The asset management business continued its accelerated growth achieving Assets Under Management (AUM) of Shs 146.4 billion, a 14 per cent growth from last year. Our Strategy The Group continues to pursue its 2016-2020 strategy. In 2019, we will focus on; • Revenue growth through our market leading financial advisory network of over 1,900 financial advisers which has won us the Association of Kenya Insurers company of the year award for 12 years in a row, • Transformation of our customer experiences and offering supported by our investment in technology, • Improving our reach to the currently uninsured market segments through our market leading microinsurance business. Dividend The Board of Directors do not recommend the payment a dividend for 2018.
Conclusions
FY Net unrealized fair value gains/ [losses] on financial assets [3.091171b] vs. 1.413141b -318.745% - It would be good to know the exact composition of this. Insurance business posted headline growth +4.407%
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@Kenya_Re reports FY 2018 EPS -36.399% Earnings Kenyan Economy |
Par Value: 2.50/- Closing Price: 11.50 Total Shares Issued: 699949068.00 Market Capitalization: 8,049,414,282 EPS: 3.25 PE: 3.538
Leading reinsurance and insurance provider.
Kenya Reinsurance Corporation Limited FY 2018 results through 31st December 2018 vs 31st December 2017 FY Gross premiums written 14.838393b vs. 14.827296b +0.075% FY Less: retrocession premiums [823.408m] vs. [547.481m] -50.399% FY Net earned premiums 14.205976b vs. 13.679576b +3.848% FY Investment income 3.386177b vs. 3.165314b +6.978% FY Fair value gains on revaluation of investment properties 397.211m vs. 672.077m -40.898% FY Total income 18.266334m vs. 18.189734b +0.421% FY Gross claims incurred and policyholder benefits [9.456217b] vs. [8.110686b] +16.590% FY Reinsurer share of claims and policyholder benefits 625.967m vs. 512.144m +22.225% FY Net claims and benefits [8.830250b] vs. [7.598542b] +16.210% FY Cedant acquisition costs [3.890255b] vs. [3.928700b] -0.979% FY Operating and other expenses [2.019834b] vs. [1.709036b] +18.186% FY Provision for doubtful debts [424.145m] vs. [394.905m] +7.404% FY Total claims, benefits and other expenses [15.164484b] vs. [13.631183b] +11.248% FY Profit before tax 3.101850b vs. 4.558551b -31.955% FY Profit for the year 2.278282b vs. 3.577340b -36.314% EPS (Basic and diluted) 3.25 vs. 5.11 -36.399% Dividend per share 0.45 vs. 0.85 -17.059% Total Equity 28.373033b vs. 27.205084b +4.293% Government securities 14.314752b vs. 14.562840b -1.704% Total Assets 44.362634b vs. 42.732667b +3.814% Cash and cash equivalents at 31st December 5.797260b vs. 3.635590b +59.459%
BUSINESS REVIEW We delivered on our commitment to continue growing the shareholders' value. The gross written premiums, investments income, shareholders' funds and assets base registered growth, however there was significant drop in profits for year ended 31st December 2018 due to high claims posted, impairment of an asset held for sale, significant devaluation of forex in one of our markets and significant drop in the share of profit from our investment in associate in Zep Re.
Operational performance Gross written premiums grew by from KShs 14.83 billion in the year 2017 to KShs 14.838 billion in 2018. Net earned premiums grew by 4% from KShs 13.68 billion in 2017 to KShs 14.2 billion in 2018. Investment income grew from KShs 3.17 billion to KShs 3.39 billion. The profit before tax for the year stood at KShs 3.1 billion, a decline of 32% from last year profit before tax of KShs 4.56 billion. Our accomplishments are the outcome of disciplined execution of our five-year strategy which is grounded on the following five pillars; financial performance, business process improvement, business development, risk management and people and culture.
Financial overview Financial overview of the Group continues to deliver positive results to shareholders and has maintained a good performance despite the challenging business environment experienced during the year which affected the revenue streams, investment income. Our investment portfolio grew to KShs 36.6billion in 2018 up from KShs 35.47 billion in 2017. The asset base increased from KShs 42.73 billion in 2017 to KShs 44.2.billion in 2018, a growth of 4%. The Shareholders funds increased from KShs 27.2 billion in 2017 to KShs 28.38 billion in 2018 a growth of 5%. The Key performance drivers that are responsible for positive financial state of the organization include, aggressive collection of the reinsurance receivables and real time market intelligence which guided our response to market changes and the uptake of investment opportunities.
Conclusions
Its never traded above a P/E of 5.00 ever. with speaks to an in built scepticism in the markets.
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.@LibertyLifeKe reports FY 2018 EPS -15.574% Earnings here Kenyan Economy |
Par Value: Closing Price: 9.96 Total Shares Issued: 535707499.00 Market Capitalization: 5,335,646,690 EPS: 1.03 PE: 9.669
Liberty Kenya Holdings PLC FY 2018 results through 31st December 2018 vs. 31st December 2017 FY Gross earned premium revenue 10.217603b vs. 10.493560b -2.630% FY Less: outward reinsurance [3.908377b] vs. [4.162811b] -6.112% FY Net insurance premium revenue 6.309226b vs. 6.330749b -0.340% FY Commissions earned 844.015m vs. 965.459m -12.579% FY Investment income 125.156m vs. 2.434872b -94.860% FY Fair value [loss]/ gain on financial investments 1.602263b vs. 520.621m +207.760% FY Total income 9.312050b vs. 10.423492b -10.663% FY Claims and policyholder benefits [5.306021b] vs. [6.091026b] -12.888% FY Amounts recoverable from reinsurers 1.802243b vs. 1.711564b +5.298% FY Commissions payable [1.166084b] vs. [1.171902b] -0.496% FY Other operating expenses [3.027509b] vs. [3.164611b] -4.332% FY Claims and expenses [8.387094b] vs. [9.319222b] -10.002% FY Profit before income tax 924.956m vs. 1.104270b -16.238% FY Profit for the year 608.422m vs. 674.573m -9.806% Basic and diluted EPS 1.03 vs. 1.22 -15.574% Cash & cash equivalents at the end of the year 6.240923b vs. 3.689506b +69.153% FY Total equity 7.678036b vs. 7.202015b +6.610% FY Financial investments 22.456803b vs. 24.983002b -10.112% FY Insurance contract liabilities 9.892067b vs. 8.926121b +10.806% Operating Results Overall, Group earnings after tax were 9% below 2017 on a re-stated basis. The operating businesses however showed great resilience under a difficult operating environment characterised by stunted premium growth in Kenya and Tanzania. Third quarter Insurance Regulatory Authority (IRA) statistics indicated that the insurance industry in Kenya grew by only 1.79% while in the half year report by Tanzania Insurance regulatory authority indicated a premium growth of 3.9% in Tanzania. During the year, the equity market was on a downtrend trend, with NASI, NSE 25 and NSE 20 declining by 18.0%, 17.1% and 23.7% respectively. Similarly, the yields in Government securities both in Kenya and Tanzania reflected a declining trend, impacting investment earnings. The Group managed operating and business acquisition costs to similar levels recorded in 2017 in line with flat growth in premium income. The claims costs, however, declined on account of lower policy terminations. Outlook The Group continues to review the business operational process to create efficiencies and improved effectiveness in service delivery to our customers through an update of the Policy Administration Systems, and other data automation management processes. In addition, in preparation for International Reporting Standard IFRS 17 that takes effect from reporting period 2022 (following IASB due process), the Group has set up a project team to manage the transition. Dividends The Directors will consider a first and final & dividend which shall be included in the Notice of Annual General Meeting in due course.
Conclusions
Its a conservatively managed Franchise and evidently played defence in FY 18.
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Kakuzi reports FY 2018 EPS -18.615% Earnings here Kenyan Economy |
Par Value: 5/- Closing Price: 300.00 Total Shares Issued: 19600000.00 Market Capitalization: 5,880,000,000 EPS: 24.57 PE: 12.21
Kakuzi PLC FY 2018 results through 31st December 2018 vs. 31st December 2017 FY Sales 3.152831b vs. 2.823926b +11.647% FY Profit before fair value gain in non-current biological assets and income tax 610.001m vs. 766.324m -20.399% FY Fair value gain in non-current biological assets 74.082m vs. 82.799m -10.528% FY Profit before income tax 684.083m vs. 849.123m -19.437% FY Profit for the year 481.594m vs. 591.643m -18.601% EPS (Basic and diluted) 24.57 vs. 30.19 -18.615% Dividend per share 9.00 vs. 7.00 +28.571% Total Equity 4.669476b vs. 4.322036b +8.039% Cash and cash equivalents at the end of the year 1.500935b vs. 1.648749b -8.965% RESULTS The results for 2018 reflect a pre-tax profit of Shs 684 million compared to Shs 849 million in 2017. The lower profits are as a result of lower avocado prices achieved, due to a heavily over supplied market in Europe. Macadamia and forestry profits improved over the previous year as a result of increased production from our orchards and a rise in the demand for wood products. Earnings per share was Shs 24.57 in 2018 compared to Shs 30.19 in 2017. DIVIDEND Kakuzi maintains a strong cash balance, adequate to cover significant investment in new crops, further expansion of our existing crops and continued development of our processing facilities. In line with Kakuzi’s long term strategy, the key use of cash is reinvestment in the business. Despite this, we are building a track record of steady dividend growth, a trend that we intend to maintain. Your Board recommends a dividend of Shs 9 per share compared to Shs 7 per share in 2017. OVERVIEW Kakuzi continues to increase its production volumes of both avocados and macadamia as we see demand continuing to rise for high quality fruit and nuts. The emphasis on quality cannot be understated as traditional markets become increasingly conscious of food safety requirements and a rapidly expanding choice of where to source products from. The prospects of new market opportunities developing in China are exciting for both Kakuzi and Kenya as a whole. Kakuzi is working closely with Government authorities to develop the correct protocols which would enable access to this market for Kenyan avocados. A new crop development into blueberry production represents a significant mile stone for Kakuzi as this further diversifies our product base and potentially increases the number of markets our products are sold into. Our forestry operations continue to perform well and we see the market for good quality, sustainably produced wood products, remaining stable in the coming years. Our commitment to principles of long termism, sustainability, environmental protection and a custodial philosophy over the assets we manage remains unchanged. Our ability to contribute to the National agenda on food security is reliant upon these core principles. The international markets we operate within remain stable and secure but are naturally influenced by the political issues of the day. Brexit is an uncertainty but Kakuzi’s exposure to the UK markets is limited. OPERATIONS Kakuzi produced a record volume of avocados from its orchards during the year. This however, unfortunately coincided with record production from Peru and South Africa leading to a heavily over supplied market in Europe and a devastating impact on prices. In total Kakuzi exported 2.84 million cartons (1.59 million cartons in 2017). As a result of the prevailing over supplied market conditions, prices were significantly reduced to levels last seen some years ago and 32% lower than 2017 (Euro 6.26 ‘v’ Euro 9.33 in 2017). New orchard developments continued during the year and Kakuzi remains on target to meet its strategic goal of planting 1,200 ha to various avocado cultivars. In order to best manage the packing and export of this fruit, the Packhouse will be upgraded during 2019. This represents another substantial investment for the Company. Kenya’s reputation as an origin for good quality avocado continues to struggle in the international markets, which remains a challenge for us. It is imperative that, as other countries increase their avocado production, Kenya builds its quality reputation to avoid a long term impact on its exports. Macadamia production continues to grow as the orchards mature, processing 229 tons in 2018 against 178 tons in 2017. Our cracking facility completed its third season of operation, exporting the product globally. We continue to explore value addition opportunities as well as new technologies to enhance processing efficiency as well as product quality and value. Kakuzi embarked on a major trial in blueberry production during the year. The first crop is anticipated to be harvested towards the end of 2019. If this commercial scale trial meets expectations, the venture could increase significantly. Sustainably produced, quality wood products returned a good profit for the Company, contributing over Ksh 126 million to profits. We believe the market for fence posts, utility poles and sawn timber will remain relatively stable in the coming years. We continue to fell and replant our forests to ensure we have sufficient and sustainable product volume to meet market demands. Our livestock operations produced nearly 1,000 head of cattle for sale during the year. The butchery is performing well and our herd size remains around 4,400 head. A key aspect to our strategy is to enhance our contribution to the food security of the Nation as we develop our agriculture further. Tea prices continue to remain under pressure as Kenya produced record volumes in the year. Whilst overall this increases the export earnings for the Country, it does however negatively impact on the price growers receives
Conclusions
Very attractive business. Continue to probe and explore new markets. Well worth buying and putting away. I like the product diversification.
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Housing Finance reports FY 2018 EPS [1.56]Earnings here Kenyan Economy |
Par Value: 5/- Closing Price: 5.08 Total Shares Issued: 352416667.00 Market Capitalization: 1,790,276,668 EPS: -1.56 PE:
HF Group PLC FY 2018 results through 31st December 2018 vs. 31st December 2017 FY Kenya Government Securities held to maturity 515.801m vs. 746.179m -30.874% FY Kenya Government Securities Available for Sale 2.696339b vs. 1.541117b +74.960% FY Loans and advances to customers (net) 43.439691b vs. 49.639639b -12.490% FY Investment in joint ventures 1.690210b vs. 1.713985b -1.387% FY Total assets 60.549350b vs. 67.541116b -10.352% FY Customers’ deposits 34.720824b vs. 36.660591b -5.291 % FY Borrowed funds 13.468749b vs. 16.038675b -16.023% FY Total shareholders’ funds 10.371231b vs. 11.449535b -9.418% FY Loans & advances to customers interest income 5.661554b vs. 6.713482b -15.669% FY Government securities interest income 338.823m vs. 314.112m +7.867% FY Total interest income 6.045521b vs. 7.132626b -15.241% FY Customer deposits interest expenses [2.173142b] vs. [2.323445b] -6.469% FY Other interest expenses [1.479916b] vs. [1.721873b] -14.052% FY Total interest expenses [3.779848b] vs. [4.156258b] -9.056% FY Net Interest income/ [Loss] 2.265673b vs. 2.976368b -2.380 % FY Other income 1.066159b vs. 1.095725b -2.698% FY Total non-interest income 1.319057b vs. 1.346426b -2.033% FY Total operating income 3.584730b vs. 4.322794b -17.074% FY Loan loss provision [375.908m] vs. [576.203m] -34.761% FY Staff costs [1.227078b] vs. [1.088000b] +12.783% FY Other operating expenses [2.087702b] vs. [1.854125b] +12.598% FY Total other operating expenses [4.236415b] vs. [3.988399b] +6.218% FY Profit/ [Loss] before tax and exceptional items [651.685m] vs. 334.395m -294.885% FY Profit/ [Loss] after tax and exceptional items [598.218m] vs. 126.216m -576.964% FY EPS [1.56] vs. 0.36 -533.333% Dividend per share – vs. 0.35 -100.000% Net NPL and Advances 8.734674b vs. 5.222020b +67.266% Liquidity ratio 20.92% vs. 20.70% +0.220%
Conclusions
Lets hope this was the Kitchen Sink.
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.@National_Bank reports FY 2018 EPS -98.413% Earnings here Kenyan Economy |
Par Value: 5/- Closing Price: 4.85 Total Shares Issued: 308000000.00 Market Capitalization: 1,493,800,000 EPS: 0.02 PE: 242.5
National Bank of Kenya Ltd. FY 2018 results through 31st December 2018 vs. 31st December 2017 FY Investment securities 46.341772b vs. 35.718032b +29.743% FY Loans and advances to customers (net) 47.778777b vs. 52.361043b -8.751% FY Total assets 114.849105b vs. 109.873141b +4.529% FY Customer deposits 98.865959b vs. 94.275768b +4.869% FY Total shareholders’ funds 6.972855b vs. 7.233908b -3.609% FY Loans and advances interest income 4.427606b vs. 5.700756b -22.333% FY Government securities interest income 4.432457b vs. 4.164277b +6.440% FY Total interest income 8.912892b vs. 9.962495b -10.536% FY Customer deposits interest expense [2.565274b] vs. [2.924384b] -12.280% FY Total interest expenses [2.884962b] vs. [3.237573b] -10.891% FY Net interest income 6.027930b vs. 6.724922b -10.364% FY Other fees and commissions income 1.190202b vs. 1.293871b -8.012% FY Total non-interest income 1.990944b vs. 2.428679b -18.024% FY Total operating income 8.018874b vs 9.153601b -11.413% FY Loan loss provision [185.099m] vs. [756.740m] -75.540% FY Staff costs [3.864570b] vs. [3.916494b] -1.326% FY Amortisation charges [475.506m] vs. [539.854m] -11.920% FY Other operating expenses [2.018483b] vs. [2.139051b] -5.637% FY Total operating expenses [7.562523b] vs. [8.368519b] -9.631% FY Profit before tax and exceptional items 456.351m vs. 785.082m -41.872% FY Profit after tax and exceptional items 7.008m vs. 410.783m -98.294% Basic and diluted EPS 0.02 vs. 1.26 -98.413% No dividend Net NPL and advances 13.117347b vs. 11.866182b +10.544% Liquidity ratio 43.1% vs. 36.3% +6.800%
Conclusions
Posting a Profit is remarkable.
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B.O.C Kenya Ltd reports FY 2018 EPS +65.842% Earnings here Kenyan Economy |
Par Value: 5/- Closing Price: 79.50 Total Shares Issued: 19525446.00 Market Capitalization: 1,552,272,957 EPS: 3.35 PE: 23.73
FY Revenue 966.543m vs. 967.626m -0.112% FY Earnings before finance income and taxes 49.315m vs. 29.677m +66.172% FY Net finance income 70.277m vs. 53.936m +30.297% FY Profit before tax 119.592m vs. 83.613m +43.030% FY Profit for the year 69.572m vs. 39.379m +76.673% Basic EPS 3.35 vs. 2.02 +65.842% Total dividend 5.20 vs. 5.20 – Cash and cash equivalents at the end of the year 22.048m vs. 73.389m -69.957% Total Assets 2.145738b vs. 2.228669b -3.721% Total Equity 1.523488b vs. 1.611082b -5.437%
Results: Revenue, for the year ended 31 December 2018, at Kshs.967 million was at par with prior year. The Board is pleased to note that demand from the medical gases sector — where quality and safety standards are better adhered to — increased during the year, driven by customer confidence, reliance on our quality products and engineering solutions, and expansion of the Sector. However, the revenue gains from the medical sector have been eroded by a challenging operating environment in the industrial sector, not least from the illegal filling of the Company's gas cylinders. Profit after tax increased by 66% despite tax-related loss provisions made in the books of a subsidiary Company. The increased profitability was a result of cost management, sustainable efficiencies and savings initiatives that the Company has instituted over a long period and the maintaining of revenues despite the challenges in the Industrial Sector. Outlook: The health services sector in Kenya has been expanding over the last several years and the Company continues to partner with the various public and privately-owned health-care facilities to ensure the availability to patients of high-quality medical gases. We especially look forward to continuing collaboration with the County Governments in their ongoing efforts to ensure access to medical oxygen at the County level hospitals. The industrial gases and welding products markets continues to face significant pressures from low-cost imported products and more pronounced illegal refilling of the Company's gas cylinders. Management has taken certain steps and the Company is hopeful that, working with the appropriately mandated enforcement agencies, the illegal filling of cylinders will begin to abate in the coming months. While ensuring that local standards as well as the Linde's Group's global production and safety standards are adhered to, the Board and Management will continue to focus on efficiency in production so as to deliver products and services to customers competitively and timeously. Dividend: The Board of Directors is pleased to recommend the payment of a final dividend of Kshs 2.85 per share (2017: KShs 3.00) bringing the total dividend for the year 2018 to KShs 5.20 (2017: KShs 5.20) to be paid net of withholding tax on or about 26 July 2019 to shareholders on the register at close of business on 29 April 2019. The Board of Directors also announce that the Annual General Meeting of the Company will be held on 21 June 2019. The notice of the meeting, the agenda and the annual report will be sent out to shareholders within the required notice period. BY ORDER OF THE BOARD Ruth Ngobi Company Secretary BOC Kenya Plc 28 March 2019
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STANLIB FAHARI I-REIT reports FY PAT +13.069% 2018 Earnings here Kenyan Economy |
Par Value: Closing Price: 8.16 Total Shares Issued: 180972300.00 Market Capitalization: 1,476,733,968 EPS: 0.83 PE: 9.8313
Stanlib Fahari I-Reit FY 2018 results through 31st December 2018 vs. 31st December 2017 FY Rental and related income 309.763210m vs. 279.433136m +10.854% FY Straight-lining of lease income 22.486262m vs. [8.743959m] +357.163% FY Revenue 332.249472m vs. 270.689177m +22.742% FY Interest income 56.433877m vs. 99.852345m -43.383% FY Property expenses [108.850390m] vs. [96.292615m] +13.041% FY Fund operating expenses [130.221511m] vs. [135.632948m] -3.990% FY Property expenses [108.850390m] vs. [96.292615m] +13.041% FY Operating expenses [239.071901m] vs. [231.925563m] +3.081% FY Fair value adjustment to investment property 65.606465m vs. 22.012769m +198.038% FY Straight lining of lease income [22.486262m] vs. 8.743959m -357.163% FY Increase/ [decrease] in fair value of investment property 43.120203m vs. 30.756728m +40.198% FY Net profit for the year 193.491759m vs. 171.126409m +13.069% Basic Earnings per unit 1.07 vs. 0.95 +12.632% Headline Earnings per unit 0.83 vs. 0.78 +6.410% Distributable earnings per unit 0.71 vs. 0.82 -13.415 Total Assets 3.852621474b vs. 3.761627663b +2.419% Fair value of investment property 3.262953647b vs. 2.379739909b +37.114% Investment securities 83.809515m vs. 529.000000m -84.157% Equity 3.723943826b vs. 3.666181292b +1.576% Cash and cash equivalents at end of period 302.822720m vs. 688.190218m -55.997%
Business review Financial highlights Net earnings grew by 13% to KShs 193.5 mln in 2018 (2017: KShs 171.1 mln). This favourable result was mainly due to an increase in fair value gain on revaluation of investment property. The portfolio’s market valuation was bolstered by the contribution of a modern 3-screen cinema at Greenspan Mall which is due to come on stream in Q2 2019 underpinned by a 10-year lease. Recent successful renewal of key tenant leases has also boosted the mall’s future cash flows and expiry profile and will counter the challenge of vacancies in the portfolio. Despite the increase in net profit, distributable earnings declined by 14% to KShs 127.9 mln (2017: KShs 149.1 mln) as a result of a temporary increase in vacancies as well as tax leakages in the form of irrecoverable withholding tax at property subsidiary company level. The long-anticipated legislation to exempt REIT owned subsidiaries is expected to curb the tax leakages going forward. Interest income declined substantially in line with the utilisation of excess cash to purchase an A grade three storey office building situated in Lavington. The transaction was completed on 29 May 2018 with rental income accruing from that date. Robust debt collection and tenant engagement processes are yielding the desired outcome – tenant arrears declined significantly and remained within target at end of 2018. Property development in progress Construction work to install a three-screen cinema (with about 100 seats each) at Greenspan Mall is nearing completion and the tenant is expected to begin operating from Q2 2019. This development will strengthen the mall’s entertainment offering and is expected to increase foot traffic, benefit existing and future tenants and increase rental income. Distribution Despite the slight decline in distributable earnings, the distribution remains flat year-on-year. Having considered the cash flow requirements and availability of funds, the REIT Manager has recommended and the Trustee has approved a first and final distribution of KShs. 135,729,225 in relation to the year ended 31 December 2018 (2017: KShs. 135,729,225). The distribution amounts to 75 cents per unit (2017: 75 cents per unit) and is payable by no later than 30 April 2019.
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