List of Companies that Released their End Year Financial Results in February -Cytonn Report

During the month of February, a number of companies released their end of year financial results. According to the Cytonn Investments Monthly Report, the companies included the following:

KPLC released H1’2017 results, earnings per share grew by 11.4 percent to 2.2 shillings from 1.9 shillings in H1’2016, driven by a 5.1 percent increase in total revenue to 59.6 billion shillings from 56.7 billion shillings, and a 22.9 percent decline in fuel costs to 6.2 billion shillings from 8.1 billion shillings, owing to a decline in the unit cost of fuel.

Stanbic Holdings also released their FY’2016 results, recording a core EPS decline of 9.9 percent to 11.2 shillings from 12.4 shillings in FY’2015. This was a result of 30.1 percent increase in operating expenses to 12.5 billion shillings from 9.6 billion shillings, attributed to a 93.1 percent increase in credit impairment charges, to 1.8 billion shillings from 0.9 billion shillings in FY’2015.

Barclays Bank too released their FY’2016 results, recording a core EPS decline of 12.3 percent to 1.4 shillings from 1.6 shillings in FY’2015. This was a result of a 19.8 percent increase in operating expenses to 20.8 billion shillings, attributed to a 122.4 percent increase in loan loss provision costs, which outpaced a 7.5 percent increase in operating revenue.

BAT released their FY’2016 results, recording a core EPS decline of 14.9 percent to 42.3 shillings from 49.8 shillings in FY’2015. This was a result of a 10.8 percent decline in operating revenue to 19.9 billion shillings from 22.3 billion shillings, attributed to the shift in the excise duty regime in Dec 2015 to a uniform rate system from a tiered approach that saw cigarette prices increase, hence reducing volumes especially of the mainstream brands.

Kengen released their H1’2017 results, recording a core EPS decline of 18.6 percent to 2.1 shillings from 2.6 shillings in H1’2016. This was a result of an 11.4 percent decline in operating revenue to 17.7 billion shillings from 20.0 billion shillings, attributed to the decommissioning of Garissa, Lamu and Embakasi gas turbine power plants and the non-receipt of revenue from its commercial drilling services. In the previous financial year, Kengen drilled two wells for a firm neighboring its Olkaria power plant, which was also seeking to enter the geothermal power sector.

Mumias Sugar released their H1’2017 results, recording an 87.3 percent deterioration in loss per share to 1.9 shillings from 1.0 shillings in H1’2016. This was mainly attributed to a 48.6 percent decline in operating revenue, which outpaced a 4.2 percent decline in operating expenses. The operating revenue decline can be attributed to; (i) reduced sugar cane production in the Western Kenya sugar belt, and (ii) limited cane development programs and hence stiff competition for the sugarcane within the region; while the reduced operating costs can be attributed to reduced yield from farmers;

Uchumi supermarket released their H1’2017 results, recording a 46.2 percent improvement in loss per share to 1.5 shillings from a 2.8 shillings’ loss in H1’2016. This was attributed to a 44.7 percent decline in operating expenses to 1.0 billion shillings due to the implementation of cost management tools as its turnaround strategy takes form;

Sanlam Kenya released their FY’2016 results, posting a 158.2 percent growth in earnings per share to 0.5 shillings from 0.2 shillings in FY’2015. This was driven by a 58.3 percent growth in gross written premiums from general insurance, which rose to 1.0 billion shillings from 0.6 billion shillings in FY’2015, and a 4.9 percent decline in benefits, claims and expenses to 6.8 billion shillings from 7.2 billion shillings.

Read the rest of the Cytonn Investments Monthly Report.

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