Tag: david kingoo

Kenya Power’s full-year pre-tax profit dips 91.98%

Kenya Power’s pre-tax profit for the year ended June 2019 dropped by 93 per cent to $3.31 million, attributing the drop to the higher costs of buying electricity. Also, the unaudited results for the six month period ending December 31, 2019 the East African Portland Cement made $15.6 million loss after tax, with sales revenues up 8 per cent to hit. The Competition Authority of Kenya has approved the proposed acquisition of control of Gulf Energy Holdings Limited by KenoL Kobil PLC. David Kingoo, Manager at Cytonn Investments joins CNBC Africa for more.

Kenya money market round-up

In Kenya, foreign currency deposits held in local commercial banks dropped by an equivalent of Ksh12.3 billion between June and August, coinciding with the expiry of a tax amnesty on repatriation of assets held abroad. Also demand for the government short-term debt fell to the lowest level in more than a year after uncapping loan rates despite return on 3 and 6 month papers going up. Senior Procurement Associate at Cytonn Investments, David Kingoo joins CNBC Africa to explain what is moving and shaking the Kenyan market.

Kenya declares tax on second hand cars illegal

The High Court of Mombasa recently declared the current tax imposed by the Kenya Revenue Authority (KRA) on second-hand cars illegal. The Kenya Revenue Authority has been using the price quotations that are used by new vehicle dealers as the main basis for determining the import duties and other levies on second-hand cars that are shipped from overseas. To discuss if the taxes imposed on used motor vehicles are to drop significantly in the coming months, David Kingoo, Senior Procurement Associate at Cytonn Investments joins CNBC Africa for more.