@Kausha - There's the AGM and then there's the 'after-AGM' discussion. The serious folks remain behind after the rest run to grab lunch packs. There was a free-flow of questions.

At the 'After-AGM' Ohana said KK had a spectacular 1Q. Plus the debt, not eliminated, was reduced to 3.5bn-ish despite higher oil prices. I think KK has backed off the 'zero-debt by June 2016' claim made when oil was at $29. It's $50 now.

KK sold off TZ and used to cash to pay down debt. DO said KK was losing at least $2m/year in TZ so that will be added back to PBT.

All countries are profitable, after selling off TZ. Debt reduced across the board. Burundi & Rwanda (35% market share in each) are doing very well.

Kenya -DO emphasized KK will only engage in profitable businesses. Jet-A1 sales coming back. KK doesn't sell to KQ unless it is in cash.

So where does the 2/- come from? I took the 2015 EPS adjusted for gains from the TZ sale.
1) Savings from TZ of 200mn+ per year.
2) Savings from lower borrowings.
3) Increased sales/volumes = lower fixed cost/liter. DO said volumes, in 1Q, were up across all categories. The 'natural' growth in volumes is 4% pa.
4) Huge push for (profitable) LPG. 200,000 LPG tanks were at the port in April awaiting clearance.
5) An above-average 1Q.
6) Lease, not build, strategy for new stations. He said many former independents are leasing stations to KK since financing inventory is not easy for everyone.
7) New products especially Castrol oils will be blended locally. I think there has been a delay though.
8) OTS participation. DO described it as low-margin but low-risk. Financing isn't a problem with banks looking to lend to KK now that it's much healthier.
9) CAPEX allocated for refurbishing old stations. The 1.5bn HQ proposal has been ditched.

@Miennyma - No problem. That's was my estimate as of (post-AGM) April. The 1H results should be out by end of August if history is a guide. I may change my tune after 1H results are out.

The most recently confirmed down trendline for kenokobil has an ending point currently at 10.52. Expect prices to have some difficulty rising above this trendline. A break above this trendline (particularly on heavy volume) would be a bullish sign

The absence of speculators in this counter has made the sellers very firm on the asking price,I would have expected speculators to have slipped it below 10 by now,you can imagine upto noon no seller has agreed to the available bids

total will keep kk upward thrust capped for now. substitute good made more affordable.

Sigh, lack of cash not will is my enemy!