Final Div. Ksh. 1.00
Closure 06 December 2018

Payment 31 January 2019

Measly dividend..

Would u know what Ungas market share is?

All (except ARM) profitable and paying dividends.

There are a number of sectors but the answer is No.
Kenya's production data is incomplete in the milled maize sector given the prevalence of informal businesses. A lot of maize is milled in posho mills.
The same with animal feeds i.e. multiple manufacturers esp informal + self-manufacture of feeds.

Wheat may have some stats but I don't have industry stats on hand.
The installed capacity (including Eldoret's 300MT) is about 800MT/day if I recall what was said at the AGM. The effective capacity given the logistics, power cuts, maintenance downtime, older equipment, etc will be lower.

Well managed but it is not Apple.

Good performance must be due to maize subsidy by Uhuru... Dividend delayed that much because GoK hasn't paid yet.. Hopefully GoK pays otherwise @VVS will be here throwing tantrums ... Anyways we're is the cash flow statement? I hate companies which release full year results with little information... How do we analyze this?

On the prospects of the company...

1. Sector is fragmented but there is room for consolidation... Unga can start buying small market plays if they want to gain market share although recent buy turned out to be a dud!

2. Growth as Kenyas middle class expands

Economics - This is not a high growth sector. It's FMCG and in a politically sensitive sector. Slow but steady. It will have good and bad years but we will have to eat.

Moat - Agreed and that's why I did not pay a premium for the shares. That said, I do not mind being paid a premium for my shares.

Very few listed firms have moats. Even those with moats can be invaded or new techniques used to overcome the moats. Investing is not easy.

Barclays and SCBK were toppled by Equity, DTB, etc despite what seemed like a huge headstart/moat.
KQ - Zombie. This despite the "National Carrier" tag.
Uchumi - Overtaken by Nakumatt which also collapsed, then by Tuskys, Naivas and Carrefour.
EA Cables - Once an unstoppable manufacturing behemoth but wow a shell.
Marshalls - Once the 504s went away...
KenolKobil - Up then down and now back up.
Mumias - It was THE sugar firm.

Unlisted
Airtel was the go-to network at one point.
Telkom/KPT&C was a monopoly but then came the cord-cutters. Safaricom was once a 100% subsidiary.

Bingo. Wheat not maize is where the growth is.
Jamaa is more worried about the mealie meal that fewer urban middle-class eat regularly.
Why worry about the matatus going to Rongai from CBD when you want to catch a flight from JKIA?

For Unga, the next phase of expansion is soya products.

Like any other sensible business, Unga took opportunistic advantage of the duty-free maize and stayed in the good books of GoK by suspending production of Hostess in favor of Jogoo and Hodari.