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Unga Group Ltd Audited End Year Results 30 June 2016

Unga Group FY16 EPS down 18.1%y/y to KES 4.32, DPS unchanged at KES 1.00
Human and animal feeds manufacturer, Unga group has announced FY16 results marking an 18%y/y decline in EPS to KES 4.32. Last year, the company completed disposal of its entire 51% interest in Bullpak Limited (paper packaging company) for KES 342m. Excluding the profit from discontinued operations in FY15, EPS was up 16.7%y/y.
Turnover was up 5.4%y/y compared to FY15s growth of 10.1%y/y. Operating margin declined to 3.4% compared to 4% in FY15 which management attributed to higher administrative and distribution expenses linked to ICT upgrades, increased staff costs and brand equity building. Forex losses narrowed by 94.1%y/y from KES 186m to KES 11m. Other income rose 12%y/y to KES 120.6m. Over the period, management noted that the government exempted certain raw materials (though soya - a key input remains VATable) used in the manufacture of animal feeds from VAT which has helped prices to remain fairly stable. The company continues to absorb the impact of unrecoverable VAT. Since most of the products the company sells are exempt, the company is unable to claim back input VAT and, given the aggressive pricing strategies of some competitors, it is not always possible to pass on the full impact to consumers/farmers. The board recommended a final dividend of KES 1.00 with book closure set for 1 December 2016. (Company filing, Standard Investment Bank)

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