Unga Group has announced an after tax loss of Sh32.6 million in full year for the period ending June 30, 2017, a significant drop in easrnings from a full year profit of Sh508 million in 2016.
The slide into loss was in spite of improving sales revenue position.
Financial statements forwarded to Nairobi Securities Exchange (NSE) yesterday, show that the company had a gone trading outing in the year with sales revenue increasing 3 percent to Sh19.5 billion from Sh18.9 billion in 2016.
“Sales volume and revenue increased by 1.8 percent and 3 percent respectively. Wheat and porridge categories grew by 10 percent and 6 percent respectively while maize declined by 2 percent,” said the board in explanatory notes accompanying the financial statements.
The board has recommended a Sh1.00 per share dividend in spite of the loss to be paid from the company’s accumulated reserves.