Results have started trickling into the bourse and impacting on price movements. Mumias for instance saw its price slump to Kshs. 36 after the half-year results reflected a declined performance to a profit of Kshs. 184 mn, 53% below the Kshs. 391 mn. realized over a similar period over the previous year. This was attributed to a myriad of problems raging from “acts of God”, to sugar prices, and to factory breakdowns. It was such a disappointment to Kenyans who had braced the heat and queues to pick the shares at Kshs. 49.50 in the secondary offer in support of company (and of course with the hope of making a quick buck).
Bamburi’s was a happy story with performance having improved, turnover up by 10% and profits higher by 30%, and shareholders looking forward to Kshs. 3.50 dividend per share, Kshs. 1.50 being the final dividend for year 2006 and 2.00 being an interim dividend for year 2007. Its industry counterpart E.A. Portland also shared the result joys as the company captured a 23% increase in profits to Kshs. 728 mn. over the six months to December 31st 2006. Investors will also benefit from a Kshs. 1.30 Interim dividend.
Equity Bank however was the show stopper with pre-tax profits hitting an all time high of Kshs. 1.1 bn., 120% above the previous year’s Kshs. 501 mn. Disappointment still set in as hopes of a rumored split were dashed and instead a consolation 2 for 1 bonus issue was declared much to investors chagrin.
E.A. Cables embraced another celebrating year as turnover hit a Kshs. 2 bn all time high, having hit the 1 bn. mark over the previous year. Profits went up by 34%, and a Kshs. 0.50 dividend declared.
There were no smiles at Sameer Africa as the company unveiled its dismal performance for the year ended 31st December 2007. Profits moved from a Kshs. 205 mn profit in year 2005 to a Kshs. 22.3 mn. Loss. The company has so much to contend with, it’s a wonder they still survive. Cut throat competition, cheap imports, high raw material prices, and the list goes on and on and on.
Now we await the upcoming results, among them being Barclays Bank which is expected to release the group results tomorrow, and whose profits my forecast places at a possible Kshs. 5.2 bn.
Bamburi’s was a happy story with performance having improved, turnover up by 10% and profits higher by 30%, and shareholders looking forward to Kshs. 3.50 dividend per share, Kshs. 1.50 being the final dividend for year 2006 and 2.00 being an interim dividend for year 2007. Its industry counterpart E.A. Portland also shared the result joys as the company captured a 23% increase in profits to Kshs. 728 mn. over the six months to December 31st 2006. Investors will also benefit from a Kshs. 1.30 Interim dividend.
Equity Bank however was the show stopper with pre-tax profits hitting an all time high of Kshs. 1.1 bn., 120% above the previous year’s Kshs. 501 mn. Disappointment still set in as hopes of a rumored split were dashed and instead a consolation 2 for 1 bonus issue was declared much to investors chagrin.
E.A. Cables embraced another celebrating year as turnover hit a Kshs. 2 bn all time high, having hit the 1 bn. mark over the previous year. Profits went up by 34%, and a Kshs. 0.50 dividend declared.
There were no smiles at Sameer Africa as the company unveiled its dismal performance for the year ended 31st December 2007. Profits moved from a Kshs. 205 mn profit in year 2005 to a Kshs. 22.3 mn. Loss. The company has so much to contend with, it’s a wonder they still survive. Cut throat competition, cheap imports, high raw material prices, and the list goes on and on and on.
Now we await the upcoming results, among them being Barclays Bank which is expected to release the group results tomorrow, and whose profits my forecast places at a possible Kshs. 5.2 bn.
2 comments:
Interesting thing about NSE investors, they rush for the split and reject a bonus yet a split has no value addition unlike a split.
Hey, Sameer results were for the year ended 31/12/2006 and not 31/12/2007.
A good analyst would say that assumining the market was constant for Sameer, then the profits would have been 205mn. Then the relaunch of Sameer Africa from Firestone which costed over 180mn and the set up of tyre shops across the country wiped off this profits. This costs are one time only and therefore we can expect better performance due to increased capacity and zeal in marketing Sameer products in 2007.
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