The forex loss was huge and hopefully it will be contained (or mitigated) in 2015-16.

1) The KES has depreciated vs the USD (most maize and wheat imports are priced and billed in USD) from July to September. This will hurt Unga unless it was able to increase the price of flour to the consumer.

2) The purchase of Ennsvalley should add both Revenue and Profits going forward but will the profits exceed the 'lost' profits from Bullpak? I do not think this will be the case in 2015-16 as Unga will look to grow Ennsvalley by investing more cash & restructure operations.

3) Assets - I think Unga has assets whose values are understated in the Balance Sheet. There is a plot along Ngong Road that is shown, available for sale, at what seems a low valuation but chances are the sale price would be much higher.

The focus should be on Volume Growth, Gross Margins, Operating Profit and Finance Costs. The 'profit' from Discontinued Operations should be ignored.

It seems (except for forex losses) Unga will have a better 2015-16 with volume growth pushed by a better supply chain, distribution and new products.

Out of my shares this is the only one i am in the red so far at 10% . Are we likely to see sub 25?

Been in KK for a long time bought at 8.54 , CFC bought 2 years ago at 68 sold recently at 100 remaining with 1700 shares. recently bought Unga at 40 bob, also have Kenya Re

also bought HF at 20 recently

Kenya Re and KK are the main counters i have

CFC is where i lost serious paper gains having seen it rise to 140s and not sold only to exit at 100

And we go belly up!!
Things just got real here.