20th June 2018
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Company Data
 
Mumias Sugar Company Ltd.
http://www.mumias-sugar.com/
Par Value:                  2/-
Closing Price:           0.75
Total Shares Issued:          1530000000.00
Market Capitalization:        1,147,500,000
EPS:             -4.43
PE:                 -0.169
 

HY Net revenue 680.514m vs. 1.529136b -55.497%
HY Cost of sales [1.770007m] vs. [2.968290b] -40.369%
HY Gross loss [1.089493b] vs. [1.439154b] -24.296%
HY Fair value gain/ [Loss] on biological assets 5.065m vs. [39.717m] +112.753%
HY Other operating income 2.967m vs. 33.035m -91.019%
HY Marketing and distribution costs [45.347m] vs. [41.107m] +10.315%
HY Administrative Expenses [630.820m] vs. [1.490550b] -57.679%
HY Finance income 2.732m vs. 6.170m -55.721%
HY Finance costs [781.157m] vs. [821.076m] -4.862%
HY Loss before taxation [2.536053b] vs. [3.792399b] +33.128%
HY Loss after taxation [1.952761b] vs. [2.920147b] +33.128%
Basic and diluted EPS [1.28] vs. [1.91] +32.984%
Cash and cash equivalents as at 31st December [2.637417b] vs. [2.498545b] -5.558%

Company Commentary

Lower revenues as a result of the combined impact of reduced sugar net prices and lower sales volumes due to the shortened production time
Operating costs dropped by 38%

Conclusions

Improved year on year but still loss making.
I cannot see the Path back to Profitability.

Mumias Sugar Company Limted FY 2017 Results through 30th June 2017 vs. 30th June 2016
FY Revenue 2.091751b vs. 6.285917b -66.723%
FY Cost of sales [5.279897b] vs. [8.048406b] -34.398%
FY Gross loss [3.188146b] vs. [1.762489b] -80.889%
FY Fair value gain on biological assets 97.137m vs. 133.803m -27.403%
FY Administrative expenses [2.329932b] vs. [2.176058b] -7.071%
FY Impairment of assets [2.572703b] vs. [1.388856b] -85.239%
FY Finance costs [1.500153b] vs. [874.382m] -71.567%
FY Loss before tax expense [9.531178b] vs. [6.070519b] -57.008%
FY Loss for the year attributable to the owners of the company [6.773934b] vs [4.756591b] -42.412%
Basic and diluted loss per share [4.43] vs. [3.11] -42.444%
Total equity 756.580m vs. 7.559964b -89.992%
No dividend

Company Commentary

During the Year Company suffered a net loss after Tax of 6.8b versus 4.8b
Major challenge was the acute sugar cane shortage experienced in the region coupled with a 28% increase in cane price.
Total cane crushed was 407,008 tonnes, a drop of 67% compared to 1,215,566 tonnes crushed the previous year.
a lower production of 15,891 tonnes of sugar was achieved compared to 75,073 tonnes produced the previous year.
Ethanol plant produced 6.9m litres of ENA a 41% drop.
cogeneration and water bottling lines remained non-operational throughout the year.
management made a decision to stop milling operations in the last quarter of the year to focus on cane development activities and factory plant maintenance
resumption of factory operations in October
The Board of Directors view the Companys outlook as positive.

Conclusions

Switch off the lights.

H1 Net revenue 1.529136b vs. 2.977321b -48.641%
H1 Cost of sales [2.968290b] vs. [3.390678b] -12.457%
H1 Gross loss [1.439154b] vs. [413.357m] -248.162%
H1 Impairment of assets [588.486m] vs.
H1 Total costs [1.764247b] vs. [1.840981b] -4.168%
H1 Loss before taxation [3.792399b] vs. [2.229946b] -70.067%
H1 Loss after taxation [2.920147b] vs. [1.560962b] -87.074%
H1 EPS [1.91] vs. [1.02] -87.255%
Shareholders Equity 4.831431b vs. 7.751578b -37.672%
Cash cash equivalents as at Dec 2016 [2.498545b] vs. [2.054085b] -21.638%
No interim dividend

Company Commentary

collaborating with shareholders, including GOK as the significant shareholder, for additional funding.

FY Earnings through 30th June 2016

FY Revenue 6.285917b vs. 5.531357b +13.641%
FY Cost of sales [8.040339b] vs. [7.191569b] +11.802%
FY Gross loss [1.754422b] vs. [1.660212b] +5.675%
FY Administrative expenses [2.125735b] vs. [2.934414b] -27.558%
FY Loss after tax [6.067381b] vs. [6.307257b] -3.803%
FY Loss for the year [4.731026b] vs. [4.644801b] -1.856%
EPS [3.09] vs. [3.04] -1.645%
Total equity 7.693783b vs. 5.932044b +29.699%
Cash and cash equivalents at the end of the year [2.194548b] vs. [2.002149b] -9.610%

Company Commentary

Surplus on revaluation of property, plant and equipment. 9.183849b versus 0
Total comprehensive income 1.761739b versus [4.709761b]
continued decrease in Kenyas sugar production mainly due to cane shortage, as cane farmers in Western Kenya move to produce other crops due to low returns from cane farming
acute cane shortage experienced in Q4 saw sugar production and recoveries heavily curtailed negating the benefits gained in the earlier quarters of the year
Co processed 1,215,566 metric tonnes of sugar cane which is +9.4% versus the previous year
Sugar production increased by 6% to 75,073 metric tonnes
Ethanol production increased by 20% to 12,367,072 litres
Sugar and ethanol revenues increased by 10% and 37%
Water business discontinued.
did not export any power to the national grid [2015 14,692 MWH]
Total Revenues increased by +13.6%
Total overhead costs decreased by 9%
Comes safeguards due to expire in February 2019
No Dividend.

Conclusions

Surging Raw Sugar prices have not lifted earnings.
Average Price Over the last 5 Weeks
Average Price Over the last 5 Months
No. Of Shares Traded Over the last 5 Weeks
No. Of Shares Traded Over the last 5 Months
Market Capitalization Over the last 5 Weeks
Market Capitalization Over the last 5 Months
Data Source: Nairobi Stock Exchange
Trading Day: 19 Jun 2018
 
Downloads
 
  11-MAY-2018 ::  Public Notice
  Appointment of Company Secretary.

Download N.S.E Announcement
   
  05-FEB-2018 ::  Half Year Results
  Unaudited Results for the Six Months Ended 31st December 2017.

Download N.S.E Announcement
   
  30-NOV-2017 ::  Audited financial statements for the year ended 30th June 2017
  Audited financial statements for the year ended 30th June 2017.

Download N.S.E Announcement
   
  27-NOV-2017 ::  Changes in Board of Directors
  Changes in Board of Directors

Download N.S.E Announcement
   
  31-OCT-2017 ::  Public Announcement
  Postponement of Financial Results Announcement and Submission.

Download N.S.E Announcement
   
  23-JUN-2017 ::  Appointment of C.E.O
  Appointment of Chief Executive Officer

Download N.S.E Announcement
   
 
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