Jun-08 Jun-09 Change
Sh - Mill Sh - Mill %
Turnover 6,792 8,323 23
Op. profit 275 330 20
PBT 106 170 60
PAT 95 421 343
EPS 0.53 2.34 342

....any way; there is still the small matter of the one billion shilling NEGATIVE reserve sitting in the balance sheet...

If the term loans and debentures are converted into ordinary shares, there might be hope for this company...that's the financing side of the equation...

On the business front, I hope the management will do some cleaning up of the company's image. Most the branches have started looking dingy and in that shape they cannot compete with Tuskys and Nakumatt.

Thus I am happy to see that the receivers have put into gear their exit plans...then the company can revert back to some business minded directors....hopefully.

So; where did this Ciano guy come from? And how does he pronounce his name - "Chiano" or "Siano"?

@VVS; I know he was at KPLC, what I meant was: where was he when Uchumi was going down the drain?

Don't want to rain on the parade...
I got stuck with some Uchumi shares and I shop at Uchumi [generally try to own shares for companies I patronise].

But it's getting very very difficult. The supermarkets are like markets, aisles divided into two, floors not very clean, save maybe for Uchumi Langata. Then we know Receivers in Kenya, do they ever give up their job? And their solidly in their no3 position from no1 - was surprised to learn Nakumatt never reported a profit until their collapse.

Okay at least their now operating positively but if shares were trading now, would you buy this share? That's the test.

@Gordon Gekko;
most likely re-listing in first half of 2010.

Sh18....is possible...translates to a P/E of 7.7 which isn't bad for a company that has been in the cold all these years.

But when you remove the sh250m tax credit, the EPS drops to sh0.94 and the P/E at sh18 now becomes 19....very high for this market, let alone Uchumi!

My guess is that you will probably get buyers at sh10