18th February 2018
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Company Data
Home Afrika Ltd
Par Value:                  
Closing Price:           1.25
Total Shares Issued:          405255320.00
Market Capitalization:        506,569,150
EPS:             -0.39
PE:                 -3.205

Home Afrika Limited H1 2017 results through 30th June 2017 vs. 30th June 2016
H1 Revenue 92.474m vs. 54.346m +70.158%
H1 Cost of sales [75.274m] vs. [38.286m] +96.610%
H1 Gross profit [loss] 17.200m vs. 16.060m +7.098%
H1 Other operating income 7.638m vs. 5.473m +39.558%
H1 Total operating expenses [107.514m] vs. [64.593m] +66.448%
H1 Operating loss [82.676m] vs. [43.060m] +92.002%
H1 Finance costs [47.590m] vs. [53.958m] -11.802%
H1 Loss for the period [130.266m] vs. [97.018m] +34.270%
H1 Loss attributable to non controlling interests [13.133m] vs. [2.946m] +345.791%
H1 Loss attributable to owners of the parent [89.786m] vs. [96.468m] -6.927%
Basic and diluted [Loss] per share [0.22] vs. [0.24] -8.333%
Current assets 3.358714b
Current liabilities [4.265775b]
H1 Ordinary share capital 405.255m vs. 405.255m
H1 Share premium 68.842m vs 68.842m
H1 Retained earnings [758.113m] vs. [649.285m] -16.761%
H1 Minority interests [29.070m] vs. 34.065m -185.337%
H1 Total equity [313.086m] vs. [141.123m] -121.853%
Cash and cash equivalents at the end of period 13.414m
No interim dividend

Company Commentary

the effect of the suppressed selling prices of the units sold off plan in our Mitini Scapes development within Migaa
The deferred revenue and deposits from sales of plots grew from 2b in 2016 to 2.2b in 2017
Book Value of groups sellable land or land Bank grew to 3.18b
process of fundraising has so far progressed very well.

FY Revenue 222.187m vs. 259.773m -14.469%
FY Cost of sales [160.278m] vs. [233.493m] -31.356%
FY Gross profit 61.909m vs. 26.280m +135.575%
FY Other operating income 13.183m vs. 18.931m -30.363%
FY Operating expenses [152.143m] vs. [349.906m] -56.519%
FY Operating [Loss] [85.697m] vs. [278.079m] -69.182%
FY Finance costs [121.320m] vs. [132.720m] -8.597%
FY Loss before tax [207.007m] vs. [410.799m] -49.609%
FY [Loss] for the year [168.458m] vs. [390.091m] -56.816%
[Loss] per share basic and diluted [0.39] vs. [0.91] -57.143%
Total Assets 3.930011b vs. 3.862316b +1.753%
Total Equity [210.167m] vs. [41.709m] +403.889%
[Decrease] in cash and cash equivalents [36.505m] vs. [264.376m] -86.192%


Their Assets are worth 3.93b their market is 324.204m.

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
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 groups inventory or land bank is in excess of 6b.


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


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


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: 16 Feb 2018
  01-SEP-2017 ::  Half Year Results
  Unaudited Group results for the 6 Months Period Ended 30th June 2017.

Download N.S.E Announcement
  21-AUG-2017 ::  AGM Resolutions
  Annual General Meeting Resolutions.

Download N.S.E Announcement
  22-MAY-2017 ::  AGM Notice
  Notice of Annual General Meeting.

Download N.S.E Announcement
  28-APR-2017 ::  Full Year Results
  Financial Statements for the Year Ended 31st December 2016.

Download N.S.E Announcement
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