This archive report was first published on 29 September 2021.
On September 29, 2021, Unga Group announced a significant increase in its net profit, rising 4.4 times in the year ended June.
The company attributed this growth to tax refunds and the receipt of payments from the government for past maize supplies.
Unga Group's decision not to declare a dividend was based on the need to reinvest in its human and animal feed operations.
Additionally, the company expects to receive Sh284.5 million from the sale of its bakery business and part of its stakes in its animal feed subsidiaries.
Unga Group has reached an agreement to sell Ennsvalley Bakery to BigCold and has signed deals to transfer part of the assets of Unga Farm Care and Unga Millers to joint ventures with Nutreco International B.V.
These joint ventures will be owned on a 50/50 basis and will focus on aquafeed and animal feed and nutrition in Kenya and Uganda, respectively.
Unga Group's financial statements for the year ended June highlighted the company's efforts to reorganize its operations and pursue value-add partnership opportunities.
