Category: Business Daily

The wealth of investors in the Nairobi Securities Exchange (NSE) has increased by Sh1.04 trillion since the start of the year, in the wake of share price boom, cementing the bourse as the top asset class.

The Nairobi bourse has posted a 53.7 percent return so far and on course to close the year at the best performance in over a decade, following up gains of 34.7 percent in 2024.

Returns from stocks in the year so far are nearly five times higher than the second major asset class, asserting the dominance of local equities in the 2025 investment playbook.

The highest grossing money market fund has an annualised return of 11.71 percent, making it the distant second top asset class ahead of returns from the 364-day/one year Treasury bill, which came in at 9.3454 percent as of last week.

The average return from property sales meanwhile sits third, returning gains of 8.2 percent on an annualised basis as per data from Hass Consult third quarter property index.

Gains from land sales within Nairobi suburbs such as Muthaiga, Pangani, Kilimani and Kilileshwa meanwhile average to 6.27 percent.

Commercial bank fixed deposits currently fetch a lower return of 7.63 percent, while property rentals have left most investors in losses, averaging an annualised contraction of 1.3 percent.

Market capitalisation over the period has risen from a low Sh1.439 trillion at the end of 2023 to Sh2.981 trillion as at the close of trading on Tuesday this week.

More than three quarters of the NSE paper wealth increase sits in blue chip stocks such as Safaricom, Equity, KCB, EABL and NCBA.

The five stocks have recorded an increase of Sh475.9 billion, Sh71.5 billion, Sh84.1 billion, Sh51.4 billion and Sh140.8 billion respectively since the turn of the year.

Small cap stocks however remain in the green with Olympia Capital leading the way with gains of Sh173.6 million ahead of Express Kenya, Flame Tree Group, Uchumi Supermarkets and Eveready.

Sameer Africa Plc has led the way in overall gains as its stock price shoots by 488.4 percent, ranking ahead of the NSE, Home Africa, utility Kenya Power and TransCentury.

From being primarily consumers of global goods and services, Kenyans are increasingly seeking a stake in international capital markets.

Ndovu Wealth Management Co-Founder and CEO Radhika Bhachu explains the growing appetite for offshore investments and how fund managers are adapting to this shift.

Did you know government bonds can give you a pay cheque every month?

While the Treasury papers typically pay out interest just twice a year, smart investors use the bond laddering strategy for steady income each month.

In this episode, we’re climbing the ‘bond ladder’ with financial advisor and founder of Azara Wealth, Belinda Kiplimo. She breaks down how to build a bond portfolio – a ‘ladder’- where each step brings in reliable cash flow all year round.

The face of Kenya’s beef industry is slowly changing. Prolonged droughts, shrinking pastures, and erratic rainfall are forcing livestock producers to rethink how and where cattle are raised.

According to the State of the Climate Kenya 2024 report, the number of people facing food insecurity due to drought more than doubled from one million in July 2024 to over two million by early 2025, reflecting the scale of climate stress also devastating livestock herds.

Kenya’s beef herd, estimated at about 14 million head, supports close to 10 million livelihoods, yet production continues to decline as weather extremes intensify.

The result is a quiet shift toward feedlots, controlled systems designed to feed cattle efficiently and secure a steady beef supply despite environmental volatility.

Feedlots are Kenya’s most practical line of adaptation to a changing climate.

They enable producers to manage feed, water, and animal health in contained environments, helping stabilise output and meet the rising demand from urban centres where beef consumption continues to grow.

A recent mapping by Gatsby Africa shows steady growth of semi-intensive feedlots in Laikipia, Nakuru, and Kajiado, forming what is now viewed as the country’s emerging beef corridor.

The feedlot approach is not without its challenges. It requires a steady feed supply, reliable energy, skilled management, and access to affordable finance. Sustaining it calls for investment in forage production, irrigation, and feed formulation.

Well-managed feedlots, however, can lower emissions, protect livelihoods, and ensure a steady meat supply. Climate change has altered the rules of production, and the feedlot frontier may determine who adapts and who is left behind.

For many Kenyans, buying a car is no longer a luxury. It is a basic tool of survival. Yet, behind the wheel of aspiration lies a growing crisis; the rise of predatory car financing that is trapping ordinary buyers in endless cycles of debt and repossession.

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In Kenya today, owning a car has become almost essential. From online apps taxi drivers, small business owners ferrying goods, to parents ensuring school runs happen on time, vehicles have become a lifeline.

Yet, for most Kenyans, paying for one in cash is simply out of reach. At eDealer, eight out of every 10 cars sold on our marketplace are purchased through some form of financing. That means 80 percent of buyers depend on credit to achieve mobility.

We have, in many ways, become a kadogo economy , a nation of hustlers and micro-entrepreneurs. But this financial reality has opened the door to a darker one: the rise of exploitative lenders who thrive on the desperation of would-be car owners.

Most buyers begin their journey at the banks, only to be turned away for lack of payslips or formal income records. Locked out of mainstream credit, they turn to alternative microfinance institutions and private lenders.

These lenders promise flexibility and fast approvals, but the fine print tells another story. Many contracts are designed to ensure default rather than ownership.

Some financiers peg their ‘affordable’ interest rates to the US dollar, leaving borrowers who earn in shillings exposed to currency swings.

Others use fixed-rate interest models instead of reducing balances, so borrowers keep paying interest on the original loan even as they repay steadily.

Then come the punitive clauses: harsh penalties for late or even more outrageous, for early payment, with repossession triggered by even minor delays. Once the car is seized and auctioned, the buyer not only loses the vehicle but sometimes still owes money long after it is gone.

It is time for stronger supervision, clear interest-rate caps, and standardised loan disclosure formats that allow buyers to compare offers easily. Clients should understand what they are signing, in simple, everyday language.

Regulation alone will not fix this. The industry itself must step up. Dealers and online marketplaces should vet and partner only with financiers who uphold fairness and transparency.

Kenya’s goal of expanding auto mobility depends not just on affordability but on fairness. If financing remains predatory, the dream of car ownership will keep turning into a nightmare of repossessions and ruined credit.

At eDealer, we regularly advise clients to read the fine print and seek fair terms. However, many are desperate; they need the car to earn a living, whether as taxi drivers, delivery riders, or traders. When these clients later return devastated after losing their cars, it feels like a failure that extends beyond the lender. It reflects a system that prioritises transactions over trust, and profit over people.

This is not just a financial problem. It is a moral one. The auto industry cannot remain silent as Kenyans are stripped of dignity and hope under the guise of ‘credit.’ Every stakeholder including we the dealers, lenders, and regulators alike, must take responsibility.

The Central Bank of Kenya and Sasra have made progress regulating deposit-taking institutions. But the non-deposit-taking microfinance sector remains a wild frontier. Many of these firms operate without oversight, setting arbitrary rates and violating basic consumer rights.

We must make fairness and empathy our guiding principles. After all, a car is not just metal on wheels. It represents freedom, dignity, and opportunity. Let us ensure that every Kenyan who dreams of owning one can do so without being trapped by the fine print.

Safaricom-backed money market fund Ziidi has attracted nearly half of Kenya’s unit trust investors, revealing the dividend earned from tapping into its M-Pesa customer base.

Ziidi MMF, a partnership between Safaricom and three fund managers – Standard Investment Bank (SIB), ALA Capital Limited and Sanlam Investments East Africa Limited – ended September 2025 with 1.15 million customers, according to data from the telecoms operator.

This represents an estimated 47.9 percent of the 2.4 million individual investors in unit trust schemes as per Capital Markets Authority (CMA) data up to June 2025.

The number of active Ziidi investors has grown by more than twofold, from an estimated 130,000 investors at the end of September 2024.

The MMF’s assets under management (AUM) have grown by the same measure to reach Sh15.1 billion from Sh1.3 billion a year earlier.

Ziidi is, however, dwarfed by larger fund managers in terms of assets, ranking outside the top 10 schemes by AUM according to data available up to June 2025.

As of 30 June, the Sanlam Unit Trust Scheme was the largest collective investment vehicle, with an asset base of Sh113.6 billion and a market share of 19.1 percent.

Other large schemes were CIC (Sh93.3 billion), SIB (Sh77 billion), NCBA (Sh56.5 billion) and Britam (Sh41.1 billion).

Ziidi was ranked in fourteenth with an asset base of Sh10.2 billion, giving it a market share of 1.7 percent.

Other schemes with an asset base of more than Sh10 billion were Absa, Old Mutual, ICEA, Co-op, KCB, Jubilee, Etica and Madison.

Ziidi’s growing user base demonstrates the fund’s ability to leverage its Safaricom partnership to attract users from the M-Pesa mobile money service.

The MMF is integrated into the mobile money ecosystem, enabling investors to buy and sell units via the M-Pesa mobile application or through its USSD prompt.

The number of active Ziidi customers remains well below those using M-Pesa services, with Safaricom placing the number of its one-month active customers on its mobile money unit at 37.91 million.

This suggests that only around three percent of active M-Pesa customers use Ziidi.

Safaricom earned Sh100 million in revenues from Ziidi, representing about 0.6 percent of the MMF’s Sh15.1 billion asset base.

The telecoms operator does not reveal its earnings percentage from Ziidi or its revenue-sharing criteria with its three fund manager partners.

Ziidi MMF was approved by the CMA on November 27, 2024, after Safaricom dropped an earlier partner, Genghis Capital Limited, following the piloting of a different money market fund known as Mali.

The change resulted in a protracted dispute which saw the investment bank send a protest letter to Safaricom on December 3, following the discreet launch of Ziidi.

Mali was piloted in 2019, with most of the early investors being Safaricom staff.

Since Safaricom dropped Genghis Capital as a partner, the assets under management in the Mali MMF have been under pressure, ending the quarter to June 2025 at Sh2.3 billion.

The collective investment schemes (CIS) sector has continued to grow in recent years, buoyed largely by low capital entry requirements and double-digit returns, which have persisted for most of 2025 before subsiding to the high single digits.

Read: Why fund managers see unit trusts growth despite rates dip

CIS assets under management reached a record Sh596.3 billion at the end of June.

The number of CIS investors ended June at 2,463,491, up from 950,020 in June 2023.

‘The number of investors in the various CIS funds has continued to grow steadily over time, buoyed by increasing awareness in the market to save and invest, especially post-Covid era,’ CMA said.

‘In the last one year, for instance, the number of investors has grown from 1,109,050 in March 2024 to 2,463,491, representing an 81 percent increase.’

Kenya stands at the edge of a new kind of revolution, one powered not by politics or protest, but by skilled hands, sharp minds and a generation determined to build its future.

Across workshops, construction sites and energy labs, a quiet transformation is taking shape. Young people once dismissed as ‘unemployable’ are finding new confidence, new tools and new purpose, thanks to a bold effort to align education with industry.

For years, Kenya’s technical and vocational training system produced thousands of graduates each year. Yet employers complained that most lacked the practical experience needed in the workplace. Projects stalled, costs soared and productivity dipped.

Employers in the construction sector describe the gap as an everyday challenge.

‘We spend at least three extra hours daily retraining graduates on basic site work,’ says Manesh Shah, Director of Relcon Power Systems. ‘It costs companies close to Sh20,000 a month per trainee.’

At Realtech Plumbers, Director Nicholas Komu echoes that frustration. ‘Most new hires take longer to deliver because they’ve never worked under real construction deadlines,’ he says.

‘The discipline, speed and precision needed on-site can’t be taught in a classroom.’

But even as industries voice concern, a new approach is quietly rewriting the script.

SwissContact’s PropelA Dual Apprenticeship Programme is one of the most promising innovations in Kenya’s technical education.

Instead of sending students into the world after graduation, it places them directly in the workplace as they learn.

Students are jointly interviewed by schools and partner companies, then begin a rotation system, three weeks of practical industry training followed by one week of classroom instruction.

The National Industrial Training Authority (NITA) oversees assessments and certification to ensure graduates meet global standards.

‘The aim is to merge theory and practice from day one,’said Sharon Mosin, the Country Director of SwissContact Kenya. ‘When students learn and work at the same time, they develop confidence, skill and employability in equal measure.’

The results speak volumes: 80 percent of apprentices are retained by their host companies after graduation. This model mirrors Switzerland’s globally admired apprenticeship system, where industry and government share responsibility for training.

In Kenya, the firm partners with Don Bosco Technical College and more than 50 private firms, who pay stipends and school fees for trainees while offering mentorship through certified trainers.

‘The future of Kenya’s economy lies in skilled hands,’ says Ms Mosin ‘Our goal is simple, to move from learning to earning, so that every graduate leaves school ready for real work.’

Kenya’s rapid industrialisation has outpaced the capacity of its public Technical and Vocational Education and Training (TVET) institutions. For decades, schools focused more on exams than on experience. The result was a generation trained to memorise not to make.

‘Our education system has trained for exams rather than the market,’ Ms Mosin explains. ‘Industry and schools haven’t been speaking to each other. Most TVETs remain theory-heavy, and real work experience is left to chance during short attachments.’

With nearly seven in 10 Kenyans under 35, the stakes could not be higher. A 2020 Ministry of Labour survey found that more than half of firms in the informal sector struggle to find workers with essential technical skills, particularly in plumbing, electrical work and logistics.

The Federation of Kenya Employers’ latest report paints a similar picture: demand for skills in transport, logistics, electrical and construction trades is soaring, yet these remain the hardest positions to fill. In some sectors, up to half of technical vacancies stay open, stalling projects and driving up costs.

Among those benefiting is Dorothy Wando; a professional plumber at Realtech Plumbers Ltd. Her story captures what’s possible when opportunity meets preparation.

‘Before my apprenticeship, I had never handled a PPR welding machine,’ she says, smiling. ‘Now I can install systems on my own, understand fittings and even advise clients on the best materials.’

Ms Wando says her journey gave her confidence, skill and pride, three things she never associated with plumbing before.

‘I now see my work as a profession, not just a job,’ she adds. ‘It’s changed how I view myself and how others view TVET graduates.’

Her story is one of many reshaping perceptions about technical work. Once dismissed as a fallback option for those who didn’t make it to university, trades like plumbing, electrical work and carpentry are gaining respect as paths to stable, skilled and well-paying careers.

‘We’re building a generation that sees technical work not as a last resort, but as the foundation of national development,’ says Tobias Olando, chiefr excutive of the Kenya Association of Manufacturers. ‘These programmes are creating artisans who will power Kenya’s next wave of growth.’

Private sector players are also pushing to make the sector more inclusive. Nearly a third of the programme’s trainees are now women, a significant step in industries that were once male-dominated.

‘We dropped partnerships with schools that refused to admit female students,’ Ms Mosin says. ‘Now, our female graduates mentor new trainees. It’s about creating role models and proving that skill has no gender.’

As Kenya moves toward renewable energy and digital transformation, the skills gap is shifting too. The programmes FutureFit project trains youth for new opportunities in e-mobility, battery maintenance and smart-energy infrastructure, skills essential for a sustainable economy.

The organisation is collaborating with NITA and the Association of E-Vehicles in Kenya to develop a national curriculum for electric mobility mechanics, covering two-wheelers, four-wheelers and hybrid systems.

‘If we don’t prepare technicians for the green economy, we’ll repeat the same mistakes of the past,’ Ms Mosin warns. ‘The time to train for tomorrow is today.’

Private firms are already showing enthusiasm. Some companies have offered to fund entire training workshops within public TVET institutions rather than building their own schools, a model of partnership Ms Mosin believes is key to sustainability.

‘TVET and NITA must work under a single vision,’ she says. ‘When that happens, we won’t just produce graduates, we’ll produce problem solvers.’

With Kenya’s youth bulge and accelerating industrial ambitions, the country’s future rests on one question: can it turn its people into its greatest advantage?

The answer, as these stories show, is a growing yes. Every apprentice retained, every workshop upgraded and every stereotype shattered brings Kenya closer to a workforce that can compete and win on the global stage.

‘The question isn’t whether Kenya can compete internationally,’ Ms Mosin says. ‘It’s how fast we can prepare our people to lead that competition.’

Printing firms have declined to produce Grade 10 textbooks over an unpaid debt of Sh11 billion for Grade 8 and 9 books supplied to the government since 2022, a standoff that now threatens to derail the rollout of the competency-based curriculum (CBC) as it transitions to Grade 10 next year.

According to a spokesperson for the Kenya Association of Manufacturers (KAM), operations within its printing sub-sector have been severely constrained by the government’s failure to settle the massive debt, leaving printers unable to sustain production.

The first cohort under the CBC is set to transition to Grade 10 -the entry level of senior secondary school- next year, and failure to produce the required textbooks could disrupt the smooth continuation of the new education system’s implementation.

‘Due to non-payment by publishers, printers are unable to proceed with the production of Grade 10 textbooks, putting the implementation of the CBC curriculum at risk,’ the spokesperson told this publication.

‘The debt has strained the financial operations of printers and manufacturers, posing a significant risk to the continued rollout of the CBC curriculum especially for Grade 10 learners to transition to senior school in January 2026.’

The debt is owed to publishers, who are contracted by the Kenya Institute of Curriculum Development (KICD) to develop textbooks and supply them to schools.

Publishers, in turn, hire printers to produce the books, but only pay them once the government settles its own bills, which, according to KAM, happens only after the contracted quantities have been fully delivered.

KAM says publishers have not been paid for Grade 8 and 9 textbooks supplied since 2022, leaving them unable to pay printers. The unpaid bills have pushed printing firms into financial distress, forcing them to default on supplier credits and tax obligations.

Kenya’s textbook printing industry comprises 10 firms that jointly produce about 250 million books annually. Since 2019, they have printed more than 200 million textbooks for public schools under the CBC rollout.

The printers say that besides accruing supplier debt, they are also forced to borrow money to pay value-added tax, which is due by the 20th of every month, further straining their cash flow and raising their expenses.

KAM has urged the government to prioritise clearing the debt, issue letters of credit to publishers and printers to guarantee payment once contracts are fulfilled and fast-track the awarding of contracts given the lengthy production process.

‘The textbook production process requires a minimum of 60 days for printing and an additional 30 days for distribution. Issuing contracts on short notice disrupts cash flow, forcing both publishers and printers to rely on costly credit facilities,’ the KAM spokesperson said.

KICD declined to comment, saying it only contracts publishers on behalf of the Ministry of Education, which had not responded to inquiries by the time of going to press.

Last month, the Kenya Publishers Association faulted KICD for delaying the settlement of bills for already supplied books, which strained their relationship with service providers, including printers.

Kenya’s coffee exports to Kuwait fetched the highest prices worldwide in the three months to June 2025, positioning the Gulf state as an unexpected premium market under the direct-sales window.

New data from the Agriculture and Food Authority (AFA) shows a single consignment to Kuwait traded at $2,706.88 (about Sh349,728) per 50 kilogramme bag, more than three-and-a-half times the peak price recorded in any market a year earlier.

This translated to about $54 (Sh6,970) per kilogramme of the beverage, fetching farmers Sh160 per kilo of cherry.

The Middle East buyer out-priced long-established markets such as the United States which pegged the price at $456 (Sh58,915) per 50kg-bag, Switzerland at $339 (43,800), and the United Kingdom at $438 (Sh56,590), underscoring widening price gaps across destination countries.

Kuwait’s entry marks a new frontier for Kenya’s specialty coffee, joining emerging buyers such as the United Arab Emirates, France, Malaysia, Australia and Belgium among others, which together accounted for almost 30 percent of direct exports.

Although the Kuwaiti shipment was modest, only 120 kilogrammes, the record unit price highlights niche demand for traceable, small-lot Kenyan coffee sought by boutique roasters and premium retailers in emerging markets.

Direct sales allow growers or their co-operatives to negotiate contracts directly with foreign buyers or local roasters on mutually agreed terms without going through the Nairobi Coffee Exchange (NCE).

Direct sales have been widely viewed as a key reform lever for enhancing farmer returns, diversifying markets and reducing dependence on auction cycles that often expose growers to price and timing volatility.

During the quarter under review, direct coffee sales rose 23 percent in volume and 32 percent in value to 553.36 tonnes worth $4.61 million (Sh595.6 million), even as auction trading slumped sharply during a two-month recess.

Average direct-sale prices stood at $415 (Sh53,618) per 50 kg bag (about $8.30/Sh1,072 per kg), marking a 7 percent improvement on the previous year, supported by sustained global demand and a shift toward private contracts with overseas buyers.

AFA attributes the performance to stronger grower participation and expanding market outreach, with the number of direct-sale destinations nearly doubling from eight to 19 over a year.

Overall, Nyeri County dominated direct coffee sales with 47 percent of total exports valued at $2.32 million (Sh299.7 million), followed by Embu at 16 percent and Kirinyaga at 15 percent, reflecting the concentration of high-quality Arabica production in the central region.

Counties such as Murang’a and Tharaka Nithi, however, recorded no direct sales in the quarter, pointing to uneven adoption of the marketing channel introduced under the Crops (Coffee) Regulations 2019.

Earlier in May this year, the United States Department of Agriculture had projected a 13.3 percent growth in Kenya’s coffee production to 850,000 bags in the marketing period that started this October, up from 750,000 bags in the just-ended period.

The agency, through its foreign agriculture service division, said the expected rebound would be informed by higher coffee prices, the government’s ongoing coffee reforms programme, and the slowdown by farmers in converting their coffee plantations into real estate business.

‘Following a year of high prices, farmers will be able to increase fertiliser application and improve disease and pest control. In addition, coffee plantations will be at the peak of the biennial production cycle that is characteristic of Arabica coffee,’ the US agency wrote in a report dated May 15.

Since February 2023, the government has undertaken several reforms in the coffee sector, including placing NCE under the Capital Markets Authority (CMA) and the licensing of brokers to take over roles previously undertaken by marketing agents.

Longhorn Publishers Plc is to get a fresh capital injection of Sh200 million from the shareholders amid a cash crunch following losses and declining sales in the Kenyan market.

The Nairobi Securities Exchange-listed company says its top shareholder -Centum Investment Company Plc- has issued a letter of support committing to provide its financial support for the next 12 months.

The firm said without the shareholder support and the successful outcome of other projected revenues, its ability to operate as a going concern would be hampered.

‘The group and company’s ability to continue as a going concern is dependent on financial support of the shareholders and the successful outcome of projected revenues,’ it said.

A going concern is a business that is expected to continue operating for the foreseeable future, typically at least 12 months, by meeting its financial obligations and without any intention or need to liquidate or downsize.

Longhorn reported a larger net loss of Sh261.4 million in the year ended June 2025 due to a substantial drop in sales in the Kenyan market, and its current liabilities exceeded the current assets by Sh872.39 million.

The bigger loss, compared to Sh237.9 million a year earlier, extended the company’s dividend drought.

Sales in the review period fell by 55.8 percent to Sh679.8 million, with Longhorn attributing the decline to reduced demand from households and the government.

‘The board approved shareholder support of Sh200 million. The parent company has issued a letter of support committing to provide financial support to the group and company for the next 12 months,’ the firm said through its latest audited financial statements for the year ended June 2025.

‘Subsequent to the year-end, the company has received financial support of Sh30 million from the parent Centum Investment Company Plc.’

Longhorn attributes its losses to a reduction in revenue primarily due to delays in the government procurement process, inventories write-off and impairment of pre-publication costs due to changes in curriculum and provisions for doubtful debts.

The company said its net current liability position is partly attributed to the use of short-term financing to carry out curriculum development projects whose economic benefits will be realised over the long-term, and financing of the working capital cycle due to the time taken to verify deliveries to schools and therefore, receive payment from the government.

‘Once the curriculum development process is completed in 2026/2027, there will be a significant decline in finance costs and borrowings,’ it said.

Longhorn, which is 60.2 percent owned by Centum Investments, is a pan-African publishing house with a presence throughout the region and has operations across African countries, including Uganda, Tanzania, Cameroon, the Democratic Republic of Congo, and Ghana through distributor partnerships.

During the financial year ended June 2024, the group exited from the Malawi, Zambia and Tanzania textbook market to avert further losses and achieve a cost savings of Sh13 million in a year.

Longhorn says it has had a turbulent operating period since the introduction of the Competency-Based Curriculum (CBC) in Kenya, its biggest market.

Between 2018 and 2025 the company invested over Sh714 million in CBC content development, absorbed Sh254 million in inventory and debtor impairments and wrote off Sh149 million in development costs.

Longhorn expects costs to fall and sales to rise going forward as the CBC settles down, adding that it has secured government contracts and anticipates stronger uptake in the private market.

The company’s revenue for the year ended June 2025 decreased by 56 percent to Sh 850 million from a year earlier primarily attributed to the reduced government orders and delay in purchasing by the open market owing to curriculum changes.

The company expects a stronger performance in the current financial year boosted by revenues from the delayed government contracts across the region and purchases from private schools following the approval of all the new titles in 2025.

The company has been facing challenges including the high cost of doing business, reduced consumer demand, rising interest rates, evolving educational curricula and political interruptions, we achieved notable improvements in our financial performance, positioning us well for future growth.

The government remains a key customer of the group, with expected government revenues from supplies to public schools in the current financial year estimated at Sh252 million for Kenya which will be generated from orders for two titles in grades five and eight.

About Sh207.56 million in revenues are expected from Uganda order for Kamusi ya Kiingereza, from which profits will be utilized to settle inter-company debt and further reduce loans in Kenya.