Escalating tensions in Eastern Europe culminated in Russia's invasion of Ukraine. The crisis has hurt global equity markets and commodity prices. Crude oil prices including Brent and Murban crude surpassed the $100 per barrel mark. Locally, pump prices remained unchanged cushioned by the fuel subsidy programme which will likely remain under immense pressure due to the rising prices of crude oil.
During the month, British American Tobacco (BAT) released its FY'21 results with the net income surging 38.74% to KES 7.62Bn. The impressive results were mainly driven by growth in the domestic market and reduced operating expenses. BAT's board proposed a final dividend of KES 50.00 per share (Total dividend of KES 53.50).
Safaricom (SCOM) announced an attractive special dividend of KES 0.64 per share. We remain confident in the company's strong fundamentals and maintain a positive outlook as it embarks on setting up operations in Ethiopia in the coming month.
