Group delivered excellent results
8% increase in volumes
Improved gross margins to 8.3% from 5.9%
Overhead up only 3%
Forex losses of only 155m

Expected downward trend in fuel prices, to have positive impact on second half.
Dividend of 0.10

File http://ge.tt/7lZTCyL2/v/0

Very impressive.! From a 0.10 FY dividend to 0.10 interim

FY was 0.20

This happens when you have fuel (or services) you have to pay for in USD but have committed to sell in LCY (the depreciating currencies of EAC including KES, TZS, BFR and UGX). The outlier may be RWF.

"Forex losses of Ksh 155 million for the six months June 2015 compared to Ksh 142 million for the six months June 2014, followed from significant depreciation of the local currencies across the countries where the Group operates, against the US dollar which continues to strengthen globally. It is the Group’s policy not to take any foreign exchange hedging positions. The nature of our business mix incorporates a natural hedge of US dollar inflows that offsets the dollar liabilities. Nevertheless, management has taken appropriate initiatives and actions to mitigate against the exposure across the Group."