26th March 2017
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Company Data
 
Home Afrika Ltd
http://
Par Value:                  
Closing Price:           0.95
Total Shares Issued:          405255320.00
Market Capitalization:        384,992,554
EPS:             -0.91
PE:                 -1.044
 

FY Revenue 259.773m vs. 687.301m -62.204%
FY Cost of sales [233.493m] vs. [447.027m] -47.768%
FY Gross profit 26.280m vs. 240.274m -89.062%
FY Other operating income 45.547m vs. 114.878m -60.352%
FY Operating expenses [349.906m] vs. [294.801m] +18.692%
FY Operating [Loss] profit [278.079m] vs. 60.351m -560.769%
FY Finance costs [132.720m] vs. [12.577m] +955.260%
FY Profit before tax [410.799m] vs. 47.774m -959.880%
FY [Loss] profit for the year [390.091m] vs. 8.955m -4,456.125%
FY [Loss] profit attributable to owners of the parent [367.646m] vs.
[17.878m] -1,956.416%
[Loss] per share [0.91] vs. [0.04] -2,175.000%
Total equity [41.709m] vs. 348.382m -111.972%
Cash and cash equivalents at the end of the year 44.491m vs. 308.868m
-85.595%
No dividends

Company Commentary

Deferred income and deposits from sales of Plots grew from 1.7b in 2014 to
1.8b in 2015
In line with our accounting policy, these amounts are carried as current
liabilities but will over the next two years convert to revenues in our
profitability statement as we increase the percentage of completion.
Total Assets grew to 3.9b in 2015 from 3.7b in 2014.
The Book Value of the groups inventory or land bank therefore grew from
2.4b in 2014 to 2.9b in 2015
Current market valuation of group's inventory or land bank is in excess of
6b.

Conclusions

Their Land Bank is worth 10x the market cap.

H1 Revenue 216.843m vs. 550.420m -60.6%
H1 Cost of Sales [219.820m] vs. [326.383m] -32.6%
H1 Gross [loss] profit [2.977m] vs. 224.037m -101.3%
H1 Other operating income 39.832m vs. 8.561m +365.3%
H1 Administrative expenses [63.081m] vs. [125.589m] -49.8%
H1 Operating[loss]profit [59.165m] vs. 73.134m -180.9%
H1 Finance costs [52.740m] vs. [4.906m]
H1 Profit [loss] before tax [111.905m] vs. 68.228m -264.0%
H1 Profit [loss] after tax [118.152m] vs. 42.909m -375.4%
H1 Earnings per share [0.28] vs. 0.08 -450.0%

CEO Statement

Group received the anticipated the long term funding of 500m, during Q1.
A significant 50% reduction in administrative overheads
Total Assets grew to 3.8b

Conclusions

Slashed Admin Expenses. The Net Asset Value is someways North of the
Trading Price.
It represents an interesting Entry into the Real Estate Sector particularly
at this Price of under 2 shillings a share.
The Business has been right sized during this reporting Period.

First Half through 30th June 2014 versus 6 months through 30th June 2013
First Half Revenue 550.420m versus 486.672m +13.098%
First Half Cost of Sales [326.383m] versus [167.352m] +95.027%
First Half Gross Profit 224.037m versus 319.320m -29.83%
First Half Administrative expenses [125.589m] versus [66.638m] +88.46%
First Half Operating Profit 73.134m versus 255.938m -71.425%
First Half Profit before Tax 66.228m versus 251.533m -73.67%
First Half Profit after Tax 42.209m versus 155.492m -72.85%
First Half Earnings Per Share 0.08 versus 0.19 -57.89%

Company Commentary

included in administration costs are one off expenses and the impact of
the substantial activity in business operations and the various projects
resulting in an increase of 88% in the period.
very positive about the real estate Industry

Conclusions

They have a First Mover First Lister Advantage.
I am constructive about Real Estate.

FY Earnings through 31st December 2013 versus through 31st December 2012
FY Revenue 650.577657m versus 348.586170m
Cost of Sales [261.692754m] versus [246.660053m]
Gross Profit 388.884903m versus 101.926117m
Other Operating Income 107.565148m versus 363.648963m
Selling and Distribution [63.784282m] versus [45.038163m]
FY Admin Expenses [212.222659m] versus [107.716190m]
FY Operating Profit 193.338309m versus 292.561017m
FY Profit before Tax 183.464609m versus 234.559043m
FY PAT 80.629957m versus 108.110361m
FY EPS 0.05 versus 0.07
No Dividend
Fair Value Gains on investment property during 2013 amounted to 100.8m
versus 358.6m in 2012
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: 24 Mar 2017
 
Downloads
 
  10-JUN-2016 ::  Notice of Annual General Meeting.
  Notice of Annual General Meeting.

Download N.S.E Announcement
   
  08-JUN-2016 ::  Appointment of a Director.
  Appointment of a Director.

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  06-MAY-2016 ::  Audited Financial Statements for the Year Ended 31st December 2015.
  Audited Financial Statements for the Year Ended 31st December 2015.

Download N.S.E Announcement
   
  03-MAY-2016 ::  Notice of Delay of Publication of Financial Results
  Notice of Delay of Publication of Financial Results

Download N.S.E Announcement
   
  27-APR-2016 ::  Changes in the Board of Directors and Management
  Changes in the Board of Directors and Management

Download N.S.E Announcement
   
  31-MAR-2016 ::  Appointment of Company Secretary.
  Appointment of Company Secretary.

Download N.S.E Announcement
   
 
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