Jay456watt
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- Aug 23, 2016
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nimepitia comments nikaona vuta nikuvute kati ya waafrika mashariki...ndio nimecheka
nimepitia comments nikaona vuta nikuvute kati ya waafrika mashariki...ndio nimechekaunacheka nn?
Haiingii akilini kwa baadhi ya Wakenya kubisha Nakumatt haijafilisika! Kilichobaki ni kuwa dissolved ama kuwa bailed out!nimepitia comments nikaona vuta nikuvute kati ya waafrika mashariki...ndio nimecheka
sijui ni kipi kinachozikumba kampuni hizi ila wacha tuone watakavofanya....only time will tell...Haiingii akilini kwa baadhi ya Wakenya kubisha Nakumatt haijafilisika! Kilichobaki ni kuwa dissolved ama kuwa bailed out!
lazima kuna wizi umefanyika haiwezekani Nakumatt ianguke hivyo tena kipindi hiki ushindani umepungua baada ya shoprite kujitoa Tanzania.sijui ni kipi kinachozikumba kampuni hizi ila wacha tuone watakavofanya....only time will tell...
inawezekana sana..mimi nilijifunza kutoamini hawa ma CEO...wakora kwel kwel...waliangusha Mumias Sugar Co. na ukora huo uo..lazima kuna wizi umefanyika haiwezekani Nakumatt ianguke hivyo tena kipindi hiki ushindani umepungua baada ya shoprite kujitoa Tanzania.
Kingine product zao zilikuwa bei juu Mtanzania yuko sensitive na price. Huwezi kum-convince aache kutumia bidhaa nyingine kama haina u bora aliozoea mfano aache mchele wa Mbeya ama ugali wa Unga wa Rukwa. Vyakula vyenye virutubosho vyoye asili halafu ale vya mbolea artificial!inawezekana sana..mimi nilijifunza kutoamini hawa ma CEO...wakora kwel kwel...waliangusha Mumias Sugar Co. na ukora huo uo..
Uchumi Supermarkets half year net loss widens to $8.95 million
THURSDAY FEBRUARY 22 2018
Empty shelves are now the hallmark of the once dominant Uchumi Supermarkets. PHOTO | NMG
In Summary
- Uchumi's revenues declined 71.4 per cent to $5.27 million from $18.5 million similar period in 2016.
- Uchumi has struggled to raise new capital to fund its operations which have been hit by closure of branches and stock-outs.
By The EastAfrican
More by this Author
Uchumi Supermarkets net loss for the half year ended December 2017 widened 63.5 per cent to $8.95 million on a sharp drop in sales.
The retailer had made a net loss of $5.47 million in the same period the year before.
Uchumi's revenues declined 71.4 per cent to $5.27 million from $18.5 million similar period in 2016.
Administrative expenses fell 15.5 per cent to $10 million.
Uchumi has struggled to raise new capital to fund its operations which have been hit by closure of branches and stock-outs.
Uchumi pulled the plug on its regional operations in 2015 by closing down four and six outlets in Tanzania and Uganda respectively following prolonged periods of loss making.
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The firm also shut down several branches in Kenya to prevent financial bleeding.
READ: Things fall apart for regional retailer Uchumi
Private equity firm Kuramo Capital, which had been approached by Uchumi to inject $35 million, pulled out and the retailer says it is now in talks with another investor from Asia.
“The management continues to work closely with the board in the implementation of a re-structure strategy aimed at returning the organisation to a positive and sustainable EBITDA position,” the company said in a statement Thursday.
“This has already begun to positively impact the business with significant reduction in operating costs as we rationalise the branch network and seek to relocate and open stores which are more financially viable whilst appealing to our customer base.”
Uchumi’s majority shareholding is owned by Jamii Bora Bank with a 15.8 per cent stake, followed by the Kenya government with 14.6 per cent.
-Reported by Victor Juma. Additional reporting by James Anyanzwa.
Uchumi half year net loss widens 63.5pc to $8.95m
30.7 billion profit = 1.5 billion profit....KCB,equity,coop,barclays all this banks make profits of more than 8 billion KES ...CRDB is the largest bank in Tanzania and only makes a profit of 1.5 billion that faulu bank or stima sacco profitCRDB made a loss of less than Tshs 2 bln in 3rd quarter if u take all the three quarters profil is over Tshs 20 bln!
CRDB bank posts Sh2bn quarterly loss
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- The loss is a significant dip from the Sh24.4 billion after tax it gained in the second quarter of this year. The bank got Sh37.6 billion profit after tax in the third quarter of 2015.
Dar es Salaam. Tanzania’s largest bank, CRDB, has posted a Sh1.9 billion loss in the third quarter of this year due to a large number of unpaid loans as well as accumulating tax bills from the past.
The loss is a significant dip from the Sh24.4 billion after tax it gained in the second quarter of this year. The bank got Sh37.6 billion profit after tax in the third quarter of 2015.
A financial statement published in newspapers over the weekend also showed the bank had also an extensive expansion drive which culminated in adding 82 branches for the whole CRDB group.
“The group’s cumulative profit was impacted by strong provisions from non-performing loans (NPL) to align with changing regulatory requirements… The group has also provided for past tax expense in relation to 2011-2013 tax claims,” the statement said in part.
The statement shows that the amount of bad loans written off by the CRDB’s accounting books reached Sh38.6 billion in September this year from Sh19 billion in June.
The CRDB Bank, which is listed in the Dar es Salaam stock exchange, is the largest bank with Sh5.3 trillion in total assets as by September 2016. The assets have, however, declined by Sh200 billion from the Sh5.5 trillion recorded at the end of the second quarter in June this year. The bank is also the largest in terms of customers deposits which remained unchanged at Sh3.9 trillion.
Even as CRDB Tanzania recorded a loss the CRDB group, which has operations in neighbouring countries such as Burundi, registered a Sh2.8 billion profit after tax at the group level in September, 2016, which is a decrease from Sh38.5 billion after tax it registered in the same quarter in 2015. The CRDB group earned Sh28.5 billion profit after tax by the end of June 2016.
The news of the loss of CRDB Bank comes after the Bank of Tanzania announced that it has taken over the operations of Twiga Bancorp which is on the verge of collapse. Twiga registered a loss of Sh694 million after tax in September 2016 from a profit after tax of Sh189 million in June, 2016. Bank of Tanzania governor Benno Ndulu said Twiga is significantly undercapitalised and it would close for the whole of this week as the BoT determines the way forward.
Experts say commercial banks are passing through difficult times currently because of a crackdown on tax evasion, corruption and embezzlement which has reduced people’s purchasing power and the capacity of some to pay back their loans.
Prof Honest Ngowi of Mzumbe University says what is happening in the banking sector is a reflection of the real situation in the economy.
“Banks’ main business is loans and when businesses are not performing very well then there is a possibility of an increase non-performing loans. So harsh tax and austerity measures implemented by the new government could be partly to blame,” he said.
Some other banks have recorded losses and others a significant reduction in profit after tax in the third quarter according to a survey done by The Citizen on published financial statements of banks. Amana Bank, for example, registered a loss after tax of Sh195 million in September, 2016 from a Sh517 million profit after tax in the second quarter that ended in June, 2016. NBC Bank’s profit after tax declined to Sh984 million in September 2016 from the profit of Sh4 billion in June of the same year.
Experts say the decision by the government to direct its institutions to transfer their money to the BoT also has affected the profits of many banks.
In January this year, the government ordered ministries, public corporations and local government authorities to immediately transfer their money to the central bank, a move that was estimated to remove Sh500 billion from commercial banks. Tanzania has over 50 banks but 70 per cent of the market is dominated by the 10 largest banks in terms of assets, deposits and gross loans.
CRDB bank posts Sh2bn quarterly loss | DAR ES SALAAM WIRE
KCB Makes a profit of 19.72 billlion ..CRDB makes 1.5 billion...KCB is 15 TIMES PROFITTABLE THAN tANZANIAS BIGGEST BANK
Can't compete with bank number 10 in kenyaTanzania: CRDB, DSE Shares Gain As Market Ends in Bull Run
original article on Daily News.
By Standard Reporter
Stock Market
CRDB and DSE Plc were the only gainers during the week ending 19thJan 2018 while Swissport lost ground over the reporting period. DSE Plc posted a 11.7 per cent gain to close the week at 1,340 from1,200 at the end of previous week, with shares 59,281 changing hands between local investors.
CRDB counter moved 1,737,221 shares during the week, with bigger volume changing hands at the beginning of the week, where foreign investors commanded roughly 60 per cent on the buying side. The whole lot was sold by locals.
Increased interest in CRDB shares pushed the price higher by 9.4 per cent to 175 from 160 posted a week earlier. Swissport was the week's laggard, losing 9.1 per cent of its value when the price fell from 3,760 to close the week at 3,500.
A total of 51,345 shares were transacted. Other counters were inactive during the week, except for TBL which traded 86,993 shares at prices between 13,500 and 14,000. The volume was however insufficient to move the price which remained at 14,000.
Turnover during the week increased almost five-fold to Tshs 1.81bn ($0.80mn) from 371m/- (0.17 million US dollars) recorded the preceding week. Domestic listed stocks Index (TSI) gained 0.3 per cent (12.25 points) to close the week higher at 3,935.80 versus 3,923.55 a week earlier.
Likewise, investor wealth increased by 0.3 per cent, adding 32.12bn/- (14.29million US dollars) to domestic listed market capitalization reaching 10,318.63bn/- (4.59 billion US dollars) from previous week's figure of 10,286.51bn/- (4.58 billion US dollars).
Overall All share Index also posted a 17.03 points gain ,lifting the index to 2,377.15 from 2,360.12. The week's gainers outstripped laggards value-wise to move the Bourse into positive territory. Out of six cross-listed counters, three appreciated while the other three lost value.
ACACIA, JHL and NMG posted a translated price gain of 6.7 per cent, 4.0 per cent and 7.8 per cent respectively while EABL lost marginally by 0.6 per cent with Kenya Airways and Uchumi Supermarket Limited losing 2.8 per cent and 10.0 per cent of their values respectively.
Going forward we expect to have the same roller-coaster moves on some counters as what happened to Swissport. On DSE Plc and CRDB counters however,we might continue to experience price upward pressure because volume on the bid-side has been outstripping offers the past few days.
Both counters financial year end on 31st December, therefore February and March are the critical months to appraise their performance and decipher possible price direction. Money Market, Bills and Bonds Interbank cash market data up to 18th Jan 2018 (as per BoT website) shows cash overnight rate decreasing by 22 basis points to 2.74 per cent from previous week's 2.96 per cent.
Volume transacted was down 36.6 per cent to 78.00bn/- (34.70 million US dollars) from 123.00bn/- (54.81 million US dollars) recorded the preceding week. During the week, Bank of Tanzania conducted a Treasury bonds auction on 17th Jan 2018.
A 9.18 per cent 5-year T-bond matures on 17th Jan 2023.The auction tender size was 90bn/- (40.04 million US dollars), the same as the amount offered during the preceding 5-year T-bond auction held on 8th Nov 2017. Investors submitted 123 bids worth 283.38bn/- (125.61 million US dollars) at prices ranging between 70 and 93.14 per 100.
The minimum successful price was 88.03 which cleared the amount offered hence only 23 bids worth the tender size was accepted. Amount accepted was the same for the preceding 5-year T-bonds where 22 bids were successful out of the total submitted 125 bids worth 233.95bn/-(104.25 million US dollars).
The auction under review's demand strength as measured by bid-cover-ratio was higher at 3.1-times versus the preceding auction's ratio of 2.6-times. Consequently, this pushed yield-to-maturity down 148 basis points to 12.16 per cent from 13.64 per cent. The Government treasury bonds pay interest twice a year for the duration of the investment, with investors enjoying a tax-free return, except for coupon on a 2-year paper.
Provided that all treasury bonds are subsequently listed on DSE, investors need not hold them to maturity. For the week ending 19th Jan 2018 bonds worth 594.30m/- (0.26 million US dollars) where transacted on the secondary market at prices ranging between 87.87 and 95.34 per 100 for 15-year 13.50 per cent T-bonds. These bonds matures between 2028 and 2032.
Only one 10-year 11.44 per cent T-bond was transacted at 83.58 maturing in 2028. Volume traded the week earlier was much higher at 52.35bn/- (23.33 million US dollars) worth of T-bonds at prices ranging between 75.93 and 100.50.
Currency Market
The shilling lost 0.16 per cent of its value against the US dollar by closing the week at TZS2,247.78/USD compared to the preceding week's 2,244.26. A total of US$35.18mn was transacted, up 62.1 per cent compared to the week before where US$21.70mn transacted, according to the data available on the BoT Website for the week to 18th Jan 2018.
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