StanChart unveils ‘Not for profit’ proposition
Standard Chartered Bank Uganda will waive transaction charges for their Not for Profit (NPO) customers. The new offering, which was unveiled recently at the end of ‘Yoola Omudidis’ 4th season excludes salary payments. The proposition, which will launch in Jinja initially, will lend a helping hand to Non Governmental Organisations (NGOs)
across the country as they support the different communities where they operate. Grace Muliisa, the head of Consumer Banking made the revelation while handing over a Toyota Hilux to the Eastern Arch-Diocese Development in the just-ended ‘Yoola Omudidi’ promotion. “Ladies and gentlemen, in the midst of concluding the Yoola Omudidi promotion, we are proud to yet again unveil a new offering targeted at the NGO community,” Mulisa said. “We are unveiling the NPO proposition for the first time here in Jinja but will also roll it out across the different regions over time. This proposition will lend a helping hand to the NGOs all across the country as they support the different communities in which they operate.” The promotion will see Standard Chartered make adjustments to the existing offering of the NPO account or Community Account. The NPO proposition takes in accounts for Schools, non-profit organizations and faith based organizations. All NPO accounts will have the local transfer (excluding salary payments) charges waived. The Yoola Omudidi campaign has a rich history spanning over 4 years having started in 2006 as the
“Live Your Dream” Promotion when the bank gave away a brand new Mercedes C200.
EABL posts Shs 785bn revenue growth
Depreciating East African currencies coupled with double digit inflation didn’t seem to deter East African Breweries Limited’s (EABL) revenue growth for the last two quarters of 2011. The brewer posted a net revenue growth of 36 percent, raking in Ushs 785bn in its half year results for the period ended 31st December 2011. The operating
profit increased by 20 percent with a net income of Ushs 124.2bn, which represents a 38 percent growth from Ushs 116bn in the same period in 2010. Uganda Breweries Limited (UBL), the Ugandan subsidiary of EABL, registered a 43 percent growth in turnover compared to 14 percent in Kenya and 13 percent in Tanzania. “The growth momentum witnessed in the last financial year accelerated well into the first half with our flagship brand Tusker growing at 21 percent complemented by a solid performance in the premium and mainstream spirits,” said Seni Adetu, the EABL Group Managing Director. Alasdair Musslewhite, the MD EABL Uganda said that the slow growth by the brand was because of “turbulent and challenging economic times in Uganda.” This is despite a cost cutting strategy initiated at UBL. The unaudited financial statement shows an increase in operational costs from Ushs 275m in 2010 to Ushs 400m in 2011, a change of about 45%.
Chevrolet unveils two new models
American manufactured cars are a rare sight on Ugandan roads unlike their Japanese counterparts, which are visible at almost every parking space. American brands like Ford are already making some in-roads in Toyota’s huge Uganda market share. Chevrolet, a car manufactured by America’s General Motors recently unveiled two new makes on the Ugandan market to push more sales in the country. The launch of the two cars is yet another strategy by GM to grow car sales after it ran into financial trouble at the height of the global financial crisis in 2008. The cars are sold by African Motors, the Chevrolet agents. GM has had to make cars meant for the African market where there has been consistent growth in car sales. “Consumer spending, a growing middle class and a growing economy make Uganda a market for our cars,” Rita Cavashe, the Managing Director GM East Africa said. Ugandans are not known for buying new cars so the new fuel efficient Chevrolet cars will have to target upper and middle class Ugandans. “We had good sales last year with URA and Shell Uganda buying some of our cars. We understand it’s a hard market for new cars but we are looking to grow it,” Cavashe adds. About 215,000 cars were sold in Uganda last year of which only 15,000 cars were new. The two brands include a Chevrolet Cruze which sells at $33,000 and Chevrolet Captiva, an SUV that sells at $47,200. Both cars have petrol engines and come with a three year warranty.