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The cost of sales reached 683.2 million Kenyan Shillings, which is an increase from 520.5 million Kenyan Shillings during the same period in the previous fiscal year.
Because of an increase in the cost of sales caused by a global rise in newsprint prices and a depreciation of the Shilling in comparison to the dollar, the gross profit margin decreased by 4.5 percentage points, falling from 86.0 per cent in the previous year to 81.5 per cent in the current year.
In spite of the difficulties encountered, the group maintained their confidence that they would make progress in the second half of the year.
East African Breweries Plc is seeking to raise KSh11Bn shortly after they retired their KSh6Bn Medium Term Note (MTN) on the 28th of June. (The early redemption was averred as part of their balance sheet and costs of funds optimization).
The five-year tenure – with an interest rate of 12.25 per cent p.a. – was in line with our projection of a near term corporate bond issue.
The rationale behind this was the contemporary high costs attached to the alternative sources of income against the backdrop of the pandemic impact on the macroeconomic environment.
Interesting market developments encircled WPP ScanGroup in this review period. The counter’s share price has been on a rally albeit a sharp decline in its bottom line (-1,191.1% y/y) in the just-released FY20 results.
The uptick – that comes after a sequential diminution – is on the back of the exoneration of the suspended senior management that boosted investor confidence given the fact that there was no adverse effect on the counter’s financial performance, position and/or operations linked to the aforementioned. We opine that the rally will continue in the near term to 2Q21 levels as investors accumulate on the earlier exited positions.
I am confident that Africa will continue to be a leader, in drawing on its historical experience, in building resilient, pluralistic, economically-strong, and environmentally sound communities, rooted in solid values and communal support structures that societies in the West and elsewhere will admire and emulate in years to come.
