Unga Group (Kenya) FY2021 profit surges 343% on reduced margins

By Published On: October 4th, 2021Categories: Corporate announcement, Earnings

Unga Group Limited (UNGA.ke) 2021 Abridged Report

COMMENTARY

The Group’s revenue and profit for the year from continuing operations increased 1% and 343% respectively. Overall operating profit was impacted by reduced margins, re-organisation and finance costs. Compared to prior year, interest expense reduced because of re-structuring of banking facilities. International wheat prices increased by at least 30% during the year due to poor harvest and adverse fiscal measures imposed by some of the leading exporting economies. Other basic raw material prices were relatively high in the period; however, with the onset of the local maize harvest, maize prices remained stable from the second quarter to the end of the financial year.

Depreciation of the Kenya Shilling agains