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Hope for Diaspora investors as FEP Group bounces back, posts Sh106 million profit

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A Kenyan investment club, partly backed by the Kenyan diaspora, has bounced back to profit on lower costs and a tax credit.

Fountain Enterprise Programme (FEP) Group posted Sh106.01 million profit in the period ended December 2016, compared to a loss of Sh905.7 million a year earlier. It made a loss of Sh1.4 billion in 2014.

The investment group’s revenue dipped by a quarter to Sh709 million due to some of its units posting lower earnings, FEP said in a trading update.

FEP’s administrative expenses dropped 15 per cent to Sh618.9 million as it cut finance costs by 37 per cent to Sh17 million in the period under review.

The chama also benefited from a Sh214.8 million tax credit in 2016 compared to a tax bill of 39.4 million the previous year.

“We have had improved business efficiency across the board owing to operational restructuring and better internal controls after the installation of a Sage Evolution enterprise resource planning (ERP) system,” said Maurice Korir, FEP Group chief executive.

FEP in 2014 began cutting back on administrative costs by reducing the number of regional offices and automating processes.

FEP has 70,273 shareholders, a significant number living in the UK and the US. FEP did not provide a breakdown of financial performance for each of its 15 subsidiaries broadly classified in four clusters, namely financial services and retail, energy and ICT, real estate and security, and education and hospitality.

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Mr Korir said Kisima, the group’s real estate arm, recorded a fivefold growth in sales to Sh106 million from Sh21 million in 2015.

He disclosed that the chama had identified a strategic investor to acquire a 40 per cent stake in Fountain Technologies to help the unit build a war chest to bid for multi-billion shilling tenders such as power plants, telecoms, and electricity projects.

FEP’s asset base grew to Sh4.50 billion from Sh4.44 billion in 2015, but was still lower than the Sh5.7 billion registered in 2014.

-business daily

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Africa

Plane with 17 passengers on board crashes in DRC

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A passenger plane with about 17 passengers on board crashed on Sunday in the city of Goma in eastern Democratic Republic of Congo, killing several people, the provincial governor’s office said.

The plane, operated by the local company Busy Bee, crashed during takeoff for a flight to the city of Beni, North Kivu Governor Carly Nzanzu Kasivita’s office said in a statement.

The number of fatalities was not yet clear.Busy Bee was not available for comment.Air accidents are relatively frequent in Congo because of lax safety standards and poor maintenance. \All Congolese commercial carriers, including Busy Bee, are banned from operating in the European Union.

A cargo plane departing from the same airport crashed an hour after take-off in October, killing all eight passengers.

By Standard

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Africa

Why school kept news of student’s family members’ death a secret for 22 days

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A school in Tanzania decided not to inform a 16-year-old girl that her entire family of five had been wiped out by flash floods last month to enable her complete her examinations.

Anna Zambi’s parents and siblings were on their way to visit her in school for prayer day ahead of her final secondary school examinations when they met their death.

TRAGIC INCIDENT

A private car in which they were travelling in was swept away in floods following incessant rains in Handeni District, Tanga Region.

According Tanzanian daily, The Citizen, the school chose to keep the tragic incident a secret to enable Zambi complete her exams in peace.

The incident happened just two days before the start of the examinations.

The head teacher of Mother Teresa of Calcuta Girls Secondary School revealed how he managed to ensure the student was kept in the dark over the tragedy that took the lives of her parents and three other siblings on October 26.

GRAVEYARDS

In breaking communication at the school, he said, all students were no longer allowed to watch TV on the pretext that it was examination time and that they must always be busy with their books.

On Monday, almost a month after the incident, she traveled back home to be with her family after finishing the exams, only to learn that her parents and siblings were no more.

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It was not until Saturday, November 16, when a wave of grief and deep sorrow rolled through relatives and mourners who had gathered for hours to receive Zambi and take her to the graveyards of her parents and three siblings.

At the same time, the Tanzanian government has pledged to support the bereaved teenager, saying that it would pay for her psychological rehabilitation and education.

By NN

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Africa

Invitation to the African Girls Hope Foundation Annual Gala happening this Saturday in Atlanta

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BY BEN KAROMO

African Girls Hope Foundation (AGHF) annual Gala is happening this Saturday at the Kenyan American Community Church in Marietta, Georgia, USA. AGHF  is a non-profit founded by Grace Faraja, a former refugee from the 1990s civil war that ravaged the DRC. She started the foundation to help educate girls in rural Congo caught in the ongoing civil unrest, poverty and disease.

As a former beneficiary of a full scholarship that changed her life, Grace believes providing an education to orphaned and less privileged girls can open a world of opportunities to them and help then end the cycle of poverty and early marriages.

This year, AGHF’s aim is to provide full-year scholarships to 120 girls at a cost of $29 per month per girl. We are seeking your help to raise funds to meet the overall goal of $34,000 for the year 2019-2020.

We ask you to help us meet this goal by donating on our website at https://africangirlshopefoundation.com/.

We prayerfully desire to support the education of 120 girls in the Democratic Republic of Congo and Kenya. With hope that God will open doors to other African countries in the near future. We have partnered with a local pastor running a school in the village of Mulenge in the Democratic Republic of Congo.

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Our partner has identified numerous girls in the village who are orphans of father and mother. Girls selected as AGHF beneficiaries are 65% of orphans of both parents.

Atlanta residents, please join us for our Annual Fundraising Gala dinner, to be held on November 9th at the Kenyan American Community Church KICC in Marietta, Georgia. Dinner and parking will be provided.

Below are some of the girls who need our help:

 

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