Business

Kampala, Uganda | JULIUS BUSINGE | Stanbic Uganda Holdings Ltd (SUHL), part of the Standard Bank Group, Africa’s premier bank by assets, recorded a 15.2% increase in profit after tax, reaching Shs412 billion for the year ending December 31, 2023. Operating under the ticker SUHL on the Uganda Securities Exchange, the …

Nevertheless, the company has declared a 22.4% increase in its dividend payout, translating to Sh 78.2 per ordinary share as concession draws closer Kampala, Uganda | THE INDEPENDENT | Uganda’s electricity distribution company, Umeme, has reported a significant decrease in its net profit, plummeting from Shs 148 billion in 2022 to …

Kampala, Uganda | JULIUS BUSINGE | On March 26, a significant stride was made in the East African Crude Oil Pipeline (EACOP) project with the commissioning of a crucial coating plant located in Sojo, Nzege, in Tanzania’s Tabora Region. The ceremony was graced by Ruth Nankabirwa, Uganda’s Minister of Energy and …

Kampala, Uganda | THE INDEPENDENT | Several African countries are on the way to being declared middle-income economies, with the declaration of some coming sooner than Uganda’s, amidst major disruptions in global trade. These disruptions include the reorganization of trade routes and partnerships due to the geopolitical situations in Eastern Europe, …

BEIJING, CHINA | Xinhua | Though clashing in many ways, the current U.S. administration and its Republican predecessor have one thing in common: the trade war against China. As recently as February, U.S. utility company Duke Energy, under pressure from Congress, reportedly planned to remove Chinese battery giant CATL from …

KAMPALA, Uganda | Xinhua | As China continues to pursue its path to modernization, it is determined to cooperate with other nations to build a community with a shared future, a Chinese envoy said here Thursday. China has been supporting Uganda’s development in various fields, including trade, health and agriculture, over …

Jinja, Uganda | THE INDEPENDENT | Uganda Breweries Limited-UBL has committed to a three partnership with three top flight rugby football clubs in what they termed as “fun rugby fetes,” in a bid to promote the sport within grassroots communities. The three-year renewable partnership was unveiled during the fun rugby event …

Nairobi, Kenya | THE INDEPENDENT | The Uganda National Oil Company – UNOC will effective May 2024 start importing petroleum products into the country. This is after the Kenyan government agreed to award it a certificate of incorporation, the Minister of Energy and Mineral Development has said. It follows a …

Nairobi, Kenya | THE INDEPENDENT |  Equity Group Holdings has proposed a record dividend of Kshs.15.1 billion for a second year running. While releasing the 2023 full year financial results Dr. James Mwangi, Group Managing Director and CEO said. “The Kshs. 4 per share dividend amounts to a 36% payout of …

Kampala, Uganda | THE INDEPENDENT | The Bank of Uganda has refuted claims that its tough regulatory requirements are leading its regulated financial institutions to downgrade to ease the regulatory pressures on them. This comes as the regulator (BoU) notified the public that three commercial banks (Tier I) had been downgraded …