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Mahiga Homes Awarded as Best Low Cost Low Rise Residential Developer During The Real Estate Excellence Awards

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The Leading Real Estate Developer, Mahiga homes Ltd, won two major coveted awards in The Real Estate Excellence Awards, namely;

1. Best in off plan Residential Sales
2. Best low cost low rise Residential Developer.

This comes in the wake of the firm being recognized internationally by being awarded The Leading Real Estate Brand 2019 by UK based ranking company Global Brand Awards.

This makes Mahiga homes Ltd the best company with the most Awards totaling to 7 since it started operations 2 years ago.
The previous awards are;
KPRA Awards
1. The Rockie of the Year 2018
2. Affordable Housing Initiative

Real Estate Excellence Awards 2018
1. Most Promising Residential Developer 2018
2. Best Low Cost Residential Developer 2018

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Africa

Jumia Silently Shut its Cameroon Operations on Monday, Firing its Entire Staff

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Jumia Technologies said on Monday it had suspended its e-commerce platform activities in Cameroon because they were “not suitable” for the African state. Reuters reported.

“We came to the conclusion that our transactional portal as it is run today is not suitable to the current context in Cameroon,” Jumia said in a statement.

An anonymous source at the company in Cameroon told Reuters that Jumia had chosen to prioritize growth over profitability. “We wanted to see how business evolved. We can come back, but for now we’re closing (to have) time to study the market.”

The shutdown which comes barely a week after its latest earnings which showed more losses despite the increased prominence of its payment platform is allegedly linked to an attempt by the Rocket Internet-backed company to arrest the cash deluge that has seen the company’s losses rise to nearly a USD 1 Bn since kicking of operations in 2012.

The firm’s shares have tumbled from its Wall Street initial public offering price of $14.50 in April, hitting a record low of $5.10 on Monday after third-quarter results missed revenue estimates for the second time in three quarters.

“Based on our review, we came to the conclusion that our transactional portal as it is run today is not suitable to the current context in Cameroon,” the company said in a statement, adding that its e-commerce operations there had been suspended.

The closure of its Jumia Cameroon is just the latest following the closure of its businesses in both Congo and Gabon, signalling a tough e-commerce terrain in Central Africa. In 2018, Jumia quit its core e-commerce business in Rwanda, continuing only its food delivery service, Jumia Food, in the East African country.

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Companies

WeWork to lay off 4,000 Workers in a Bid to Achieve Financial Stability After Failed IPO

Georgina Korir

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At least 4,000 people are set to be laid off work by WeWork from its workforce, The New York Times reported on Sunday.

WeWork is expected to announce the cuts as early as this week as it is recovering from major losses after a failed IPO in September this according to The Times.

The Times was told by a person with knowledge of the matter that the company’s core office-sharing business would slash 2,000 to 2,500 employees from its global ventures. The source added that around 1,000 employees from noncore businesses will exit the embattled real estate startup and 1,000 maintenance workers will be transferred to an outside contractor.

According to The Times, this exodus represents roughly a third of the company’s 12,500 employees. A second source with knowledge of the matter said the number of layoffs could be as high as 5,000 or 6,000.

The sources said, the announcement will be part of the company’s five-year plan to completely overhaul the business recovering from the brink of bankruptcy. They added, the announcement could be presented to staff as early as Tuesday.

A spokesperson for WeWork declined to comment on the report.

WeWork received a $10 billion bailout which took control of the company in October after it failed to go public from Japanese investment firm Softbank. Softbank also gave CEO and cofounder Adam Neumann $1.7 billion to step down from his position as chairman of the board at WeWork.

WeWork said it lost $1.25 billion in the third quarter last week.

While injecting money into WeWork, Softbank also took a massive hit in the July to September period losing a record $6.46 billion.

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Banks

Co-Op Bank Profit Grows to Ksh 10.9B in Nine Months

Georgina Korir

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Cooperative Bank Group has reported a Ksh.10.9 billion profit for the third quarter in 2019 representing a 5.8 percent jump in earnings by the lender to the close of September.

The lender which is the third largest by assets in the region, said the growth was driven by its “soaring eagle” transformative agenda that has retooled and equipped the business with added competitive advantage.

The increased issuance of digital loans which serve to raise income derived from fees and commissions have played a major role in the growth in earnings by the bank. Digital loan issuance on MCo-op Cash is rising ahead of the bank’s traditional loan book to Ksh.27.6 billion as the lender’s non-funded income has surged forward by 33 percent to Ksh.14.1 billion

The group’s total operating income grew by 9% from KSh 32.3 billion to KSh 35.2 billion while its total assets grew 9% to KSh 440.8 billion compared to Ksh 404.2 billion in the same period last year.

Nevertheless, Co-op retained its likeness for the Treasury, a departure from observed exits by peers, to increase its investments in the portfolio by a further 13 percent to Ksh.94.6 billion from Ksh.83.2 billion last year.

In spite of the prolific growth of both net loans and advances to customers and deposits, Co-op’s net interest earnings slightly tumbled. While the lender has grown its neighborhood-based banking agents to 16,000, 90 percent of the bank’s customer transactions already sit outside branches.

As gross non-performing loans (NPLs) rose to Ksh.30 billion from Ksh.29 billion, the lender’s operating expenses picked up by a notable 11 percent on the back of higher loan loss provisions

The bank expects to keep by the diversification tune to strengthen its dominance on its core market segment encompassing retail banking and the cooperative movement.

Co-op Group Managing Director Gideon Muriuki reported that “the group continues to leverage on the benefits of the transformation agenda which has re-tooled and equipped the business with added competitive edge as reflected in the sustained growth in market share across all market segments.”

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