Strong shilling lifts multinationals’ dividend income from NSE

Safaricom CEO Peter Ndegwa giving a speech during a past event.

Photo credit: File | Nation Media Group

Multinational companies holding significant stakes in Kenya’s listed firms booked substantial foreign exchange gains on gross dividends earned in the 2023 financial year after the shilling strengthened against the dollar.

The gains reversed some of the forex losses the companies had suffered a year earlier when repatriating their dues abroad.

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Note: The results are not exact but very close to the actual.