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Recent Topicals

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Kenya Listed Banks Q1’2024 Report

Jun 16, 2024

Following the release of the Q1’2024 results by Kenyan listed banks, the Cytonn Financial Services Research Team undertook an analysis on the financial performance of the listed banks and identified the key factors that shaped the performance of the sector. For the earnings notes of the various banks, click the links below: Equity Group Q1’2024 Earnings Note KCB Group Q1’2024 Earnings Note Standard Chartered Bank Kenya Q1’2024 Earnings Note ABSA Bank Kenya Q1’2024 Earnings Note

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Kenya’s Real Estate Investment Trusts (REITs) FY’2023 Report

Jun 9, 2024

Following the release of the FY’2023 results by all four authorized Real Estate Investment Trusts (REITs) in Kenya, the Cytonn Real Estate Research Team undertook an analysis of the financial performance of the REITs and identified the key factors that shaped the performance of the sector. For the earnings notes of the various REITs, click the links below: ILAM Fahari I-REIT FY’2023 Earnings Note LapTrust Imara I-REIT FY’2023 Earnings Note Acorn I-REIT and D-REIT FY’2023 Earnings Note The report is themed “Strategies for Advancing Kenya's REIT Market,” where we discuss the background and structure of REITs in Kenya, and assess the fin...

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Q1’2024 Unit Trust Funds Performance Note

May 29, 2024

Unit Trust Funds (UTFs) are a form of Collective Investment Scheme that pools capital from multiple investors to invest in a diversified portfolio of assets, managed by a Fund Manager, with the goal of generating returns for the investors. Expert fund managers oversee these funds, allocating the pooled capital into a variety of securities such as equities, bonds, and other approved financial instruments. The objective is to achieve returns that match the fund’s specific goals. Following the release of the Capital Markets Authority (CMA) Quarterly CIS Report – Q1’2024, we examine the performance of Unit Trust Funds for the period ended 31st March 2024. These funds have seen consistent growth in total Assets Under Management (AUM) and are one of the preferred investment choices in Kenya. Additionally, we will delve into the performance of Money Market Funds, which are a sub-set...

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Progress of Retirement Benefits Schemes in Kenya - 2024

May 26, 2024

According to the Retirement Benefits Authority (RBA) Industry report for December 2023, assets under management for retirement benefits schemes increased by 9.4% to Kshs 1.7 tn in December 2023 from the  Kshs 1.6 tn recorded in 2022. The growth of the assets can be attributed to the enhanced contributions to the mandatory scheme, NSSF, which began in earnest in February 2023 following the court of appeal ruling that set aside the initial ruling of the Employment and Labour Relations Court suspending implementation of the NSSF Act. The Act, which increased the contribution rates from Kshs 400 to 12.0% of an employee’s monthly earnings, with a 6% deduction from the employee and an equivalent 6% deduction from the employer, had been rendered unconstitutional...

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Joint Venture Agreements (JVs) in Real Estate

May 19, 2024

Introduction Joint Ventures (JVs) can be defined as strategic arrangements between two or more businesses, where resources are pooled to work together on a project. Joint ventures are vital in bringing together businesses from different areas of expertise for business purposes. JVs can take many forms such as; i) limited liability company- in the case where the project will incur a lot of capital, the party may decide to form a new company for this purpose, mostly referred to as a ‘special purpose vehicle’. The new company will be a separate legal entity, ii) a partnership, and, iii) a contractual joint venture- two or more parties collaborate or share knowledge and expertise on an ongoing basis, here an agreement is well drafted. To put this into context, let’s say a company, Company A, has extensive expertise in Real Estate and has delivered many successful projects. Another company, Company B, owns a well-situated piece of...

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