Unga Group Limited has released its audited financial results for the year ended 30th June 2019 with a revenue of Ksh 17.9 billion, a 10.4% decrease from the previous year’s Ksh 19.98 billion. The listed firm’s finance costs went up by 83.7% to Ksh 166.75 million.
The profit for the year decreased by 30% to Ksh 544.81 million mainly attributed to increased competition mostly in the human nutrition business. Increased raw material was absorbed by animal nutrition business thus constraining margins while supporting volume. Due to the decrease in profit, the company’s Earnings Per Share decreased by 32.7% to Ksh 4.52 from Ksh 6.72.
The firm also announced that it’s new wheat mill in Eldoret increased capacity and further improved production efficiencies. The bakery business recorded a reduction of 16% in revenues attributed to the credit risk challenges in the retail sector.
The Group’s board recommended the fist and final dividend of Ksh 0.50 per share to be paid on or about 15th January 2020 to the shareholders who will be registered in the books of the company at the close of business on 5th December 2019.
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