Absa Bank Uganda has today released its financial results for 2019 reporting a 19.4% growth in revenue to UGX 405 billion, up from UGX339 billion in 2018. “We saw steady growth in the bank’s balance sheet and income in 2019. We continue to drive cost efficiencies and manage our portfolio
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Uganda’s coffee exports in March 2020 amounted to 477,561 60-kilo bags worth $45.87M (Shs174.5bn), Uganda Coffee Investment Authority (UCDA) monthly report has revealed. It comprised 385,978 bags ($33.09M) of Robusta and 91,583 bags ($12.78M) of Arabic. This was an increase of 38.39% and 35.72% in quantity and value respectively from
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Housing Finance Bank boss, Michael K. Mugabi Housing Finance Bank (HFB), one of the few indigenous commercial banks in Uganda that have withstood the test of time continues to post consistent growth. According to the Bank’s Audited Financial Statements for 2019, the bank’s profit after tax grew by 7.6% to
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PSFU Board Members in a group photo with Prime Minister, Ruhakana Rugunda and ex members at last year's Annual General Meeting Private sector players under their umbrella body, Private Sector Foundation Uganda (PSFU) have revealed plans and measures on how Uganda’s economy can recover from the toxic effects of COVID-19.
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In a live poll conducted by Africa.com on April 22 as part of its webinar series, Crisis Management for African Business Leaders, nearly 70% of webinar participants predicted that their business revenue will decrease by more than 10% next month. 47% indicated that they expect their revenue to decrease by
Read MoreCorruption cases, misuse of public office and resources have increased following the outbreak of COVID-19 in Uganda, the Inspectorate of Government has revealed. "The Inspector General of Government (IGG) charged with mandate of fighting corruption and abuse of office is receiving complaints if allegations of gross corruption, bribery, abuse of
Read MoreThe African Development Bank (AfDB) has distanced itself from what it called an inaccurate news article stating that the institution plans to provide financial support to the East African Crude Oil Pipeline Project. “The Bank strongly refutes the claims in the misleading article, which references a letter by a group
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The Government of Uganda has applauded the agreement reached between Total and Tullow; which will see Total acquire Tullow’s entire interests in the Uganda Lake Albert Development Project. The Minister of Energy and Mineral Development, Kitutu Mary Goretti Kimono (pictured) welcomed the news. “The agreement is a significant milestone in
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Total and Tullow have entered into an Agreement, through which Total shall acquire Tullow’s entire interests in Uganda Lake Albert development project including the East African Crude Oil Pipeline. The overall consideration paid by Total to Tullow will be $575M (Shs2.1 Trillion), with an initial payment of $500M at closing
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The impact of COVIG-19 on global trade is beginning to manifest. Latest figures indicate that Uganda’s exports declined by US$31m (Shs117.2bn) from US$383.62 million in January,2020 to US$352.91 million in February 2020. This was revealed by Amelia Anne Kyambadde (pictured), Minister of Trade, Industry and Cooperatives while addressing the press
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