Kenya Airways financial year ended on March 31 and their final results for the year should be released within a few weeks. Going by their half year results the airline’s revenue is likely to be above 50 billion shillings and pre-tax profit may pass 7 billion. The airline is likely to follow the trend of several companies and double its dividend payment to shareholders to 2.50 shillings for the year.
Jubilee Insurance pre-tax profit was up from 359m to 471m and the company will pay a dividend of 4 shillings per share, up from 2.5 the year before.
Standard newspapers group published their half-year results showing turnover increased from 961m to 1,098m and pre-tax profit increased from 45m to 92m. Not this time, but the company hopes to resume paying dividends once its balance sheet restructuring is completed.
Pre-shipment scandal: According to Africa Confidential, there was a ‘deliberate and concerted effort’ to award a US$10-million pre-shipment inspection contract in September 2005 to Switzerland’s Société Générale de Surveillance and Britain’s Intertek International.
Little help in corruption war: Also from Africa Confidential, there’s diminishing Western support for the war on corruption in that US-based risk consultants Kroll Associates decided on April 3 to shut down their Africa practice because the company judged “Africa to be just too risky.” The Kenya Government had, through John Githongo, previously hired Kroll to find billions of looted shillings stashed in foreign accounts.