Par Value: 1/-
Closing Price: 17.10
Total Shares Issued: 228055504.00
Market Capitalization: 3,899,749,118
Sasini PLC FY 2019 results through 30th September 2019 vs. 30th September 2018
FY Revenue 2.794830b vs. 3.515220b -20.493%
FY [Loss]/gain arising from fair value changes on biological assets [5.843m] vs. 55.559m -110.517%
FY Results from operations [392.109m] vs. 354.615m -210.573%
FY Finance income 51.736m vs. 112.663m -54.079%
FY Finance cost [20.926m] vs. [18.472m] -13.285%
FY [Loss]/ profit before tax [361.299m] vs. 448.806m -180.502%
FY [Loss]/ profit for the year [337.737m] vs. 293.523m -215.063%
FY [Loss]/ profit attributable to owners of the company [317.429m] vs. 295.497m -207.422%
EPS on operating activities [1.38] vs. 1.13 -222.124%
EPS on biological assets [0.01] vs. 0.17 -105.882%
EPS [1.39] vs. 1.30 -206.923%
Total Assets 14.674359b vs. 12.961380b +13.216%
Total Equity 12.885055b vs. 11.323783b +13.788%
Cash and cash equivalents at the end of the period 429.264m vs. 1.135609b -62.200%
Dividend 0.50 vs. 1.00-50.000%
COMMENTS ON THE AUDITED RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2019
Our expectation for the years performance was severely affected by the significant dip in the tea and coffee prices experienced during the year.
This was further compounded by severe weather conditions, high cost of production manifested in labour and input costs and lower production volumes especially in tea.
The prices were lower than the cost of production throughout the financial year, leading to the absorption of cash reserves to support the continuation of the business.
Despite these challenges, the diversification strategy is on course and the new lines of business are active and are expected to improve performance in the next year.
Tea production during the year declined by 14% to 9,318 tonnes of made tea down from 10,804 tonnes achieved in the previous year.
The coffee estates produce went through a challenging period following prolonged extreme cold weather in prior year coupled with a dry period in the second quarter, which affected quality and size of the coffee beans and price.
Coffee production however, was higher at 986 tonnes exceeding 891 tonnes produced in the previous year. Generally, global coffee and tea prices dipped to their lowest in over 10 years.
The avocado business maintained a steady and profitable performance during the second year of full operation despite effects of a poor crop and harvest due to the failed rains in the year.
During the year, we launched the macadamia commercial processing and trading activities having completed the capital investments of the factory in late 2018.
The business however only started trading in the last quarter of the financial year and there are indications that going forward, this business unit is poised to be a central part and key contributor to our operations and profits.
The Group recorded a decline in turnover of 20% to Kes.2.8 billion compared to Kes 3.5 billion last year, the cost of sales declined by 11% to Kes 2.4 billion against prior year of Kes 2.7 billion and consequently a reduction in gross profit to Kes434.7 million compared to KShs. 852.1 million for the previous year.
The Group posted an overall loss after tax and non-controlling interest (including the changes in value of biological assets) of Kes 337.7 million (prior year Kes 293.5 million profit).
This comprises of a loss from operating activities of Kes 314.2 million compared to a profit of Kes 256.6 million in the previous year for the group.
The net loss from changes in the value of biological assets was Kshs 3.2 million (prior year gai n o f Kshs 38.9 million).
An interim dividend of 50% (Kes 0.50 per share: 2018 50%: Kes 0.50 per share) was declared and paid on 16 July 2019.
The directors do not recommend the payment of a final dividend (2018 50%: Kes 0.50 per share).
Small improvement second Half versus First Half.
Tea and Coffee Prices ave turned higher of late
significant drawdown of Cash and Cash equivalents of -62.20%
however, interestingly, Total Assets uplifted +13.216%
Sasini PLC HY 2019 results through 31st March 2019 vs. 31st March 2018
HY Revenue 1.192898b vs. 1.504797b -20.727%
HY Losses arising from fair value changes on biological assets [138.519m] vs. [114.132m] +21.367%
HY Results from operating activities before accounting policy change [365.934m] vs. 75.688m -583.477%
HY Net reversal of impairment losses on financial assets 67.302m vs.
HY Finance income 35.219m vs. 54.875m -35.820%
HY Finance cost [5.355m] vs. [6.436m] -16.796%
HY [Loss]/ profit before tax [268.768m] vs. 124.127m -316.527%
HY [Loss]/ profit for the year [194.698m] vs. 84.664m -329.966%
HY [Losses]/ profit arising from operating activities [97.578m] vs. 163.063m -159.841%
HY Losses arising from changes in fair value on biological assets after tax [94.133m] vs. [78.144m] +20.461%
HY [Loss]/ earning per share [0.84] vs. 0.37 -327.027%
Sasini PLC FY 2018 results through 30th September 2018 vs. 30th September 2017
FY Revenue 3.515220b vs. 4.201196b -16.328%
FY Gain/ [Losses] arising from fair value changes on biological assets 55.558m vs. 81.746m -32.036%
FY Results from continuing operations 354.615m vs. 373.181m -4.975%
FY Finance income 112.663m vs. 141.864m -20.584%
FY Profit before tax from continuing operations 448.806m vs. 504.021m -10.955%
FY Profit before tax 448.806m vs. 520.921m -13.844%
FY Profit for the year 293.523m vs. 339.407m -13.519%
FY Profit attributable to owners of the company 295.497m vs. 346.183m -14.641%
EPS on operating activities 1.13 vs. 1.27 -11.024%
EPS on biological assets 0.17 vs. 0.25 -32.000%
EPS 1.30 vs. 1.52 -14.474%
Total Assets 12.961380b vs. 13.196025b -1.778%
Total Equity 11.323783b vs. 11.315877b +0.070%
Cash and cash equivalents at the end of the period 1.135609b vs. 1.406876b -19.282%
Dividend 1.00 vs. 1.00
Sasini Limited HY 2018 Results through 31st March 2018 vs. 31st March 2017
HY Revenue 1.504797b vs. 1.453444b +3.533%
HY [Losses] arising from changes in fair value of biological assets less cost to sell [114.132m] vs. [44.025m] +159.244%
HY Results from operating activities 75.688m vs. 51.188m +47.863%
HY Net finance income 48.439m vs. 59.230m -18.219%
HY Profit before tax 124.127m vs. 110.418m +12.416%
HY Profit for the year 84.664m vs. 77.293m +9.536%
HY Profit/ [losses] arising from operating activities 163.063m vs. 107.909m +51.112%
HY Gains/ [losses] arising from changes in fair value of biological assets after tax [78.144m] vs. [29.932m] -161.072%
EPS on operating activities 0.72 vs. 0.47 +53.191%
Earnings/ [loss] per share on biological assets after tax [0.34] vs. [0.13] -161.538%
EPS 0.37 vs. 0.34 +8.824%
Total equity 11.229498b vs. 11.315877b -0.763%
Cash and cash equivalents at the end of the year 1.621940b vs. 1.406876b +15.287%
Interim dividend 0.5
Production is set to surge H2
Sasini PLC FY 2017 Results through 30th September 2017 vs. 30th September 2016
FY Revenue 4.201195b vs. 3.570629b +17.660%
FY Gain/ [Losses] arising from changes in fair value of biological assets less cost to sell 81.746m vs. [117.997m] +169.278%
FY Results from operating activities 373.181m vs. 656.561m -43.161%
FY Finance income 141.864m vs. 116.869m +21.387%
FY Finance cost [11.024m] vs. [13.612m] -19.013%
FY Profit before tax from operating activities 504.021m vs. 759.818m -33.666%
FY Gain/ [Loss] on disposal of subsidiary 16.900m vs.
FY Profit before tax 520.921m vs. 759.818m -31.441%
FY Profit for the year 339.407m vs. 576.985m -41.176%
FY Profit arising from operating activities 288.961m vs. 670.253m -56.888%
FY Gain/ [Losses] arising from changes in fair value in biological assets after tax 57.222m vs. [82.598m] +169.278%
EPS on operating activities 1.27 vs. 2.94 -56.803%
EPS on biological assets 0.25 vs. [0.36] +169.444%
EPS 1.52 vs. 2.58 -41.085%
Total Assets 13.196025b vs. 13.106139b +0.686%
Total Equity 11.315877b vs. 11.361605b -0.402%
Cash and cash equivalents at the end of the period 1.406876b vs. 1.954551b -28.021%
Final dividend 1.00 vs. 1.50 -33.333%
Atul Shah: How debt took down my Nakumatt empire
H1 Revenue 1.453444b vs. 1.587013b -8.416%
H1 Gains/ [Losses] arising from changes in fair value of biological assets less cost to sell [44.025m] vs. [10.070m] -333.333%
H1 Results from operating activities 51.188m vs. 218.425m -76.565%
H1 Finance income 64.058m vs. 48.062m +33.282%
H1 Finance cost [4.828m] vs. 15.683m -130.785%
H1 Profit before tax 110.418m vs. 282.169m -60.868%
H1 Net profit for the year 77.293m vs. 197.519m -60.868%
EPS on Operating activities 0.47 vs. 0.89 -47.191%
EPS on biological assets [0.13] vs. [0.03] -333.333%
EPS 0.34 vs. 0.85 -60.000%
Cash and cash equivalents at the end of the period 1.957582b
I suspect the Drought impacted volumes but have yet to see any commentary.
FY Revenue 3.507629b vs. 2.786126b +28.157%
FY Gain/ [Losses] arising from changes in fair value of biological assets less cost to sell 133.566m vs. 18.290m +630.268%
FY Results from operating activities 917.501m vs. 964.524m -4.906%
FY Finance income 116.869m vs. 93.864m +24.509%
FY Profit before tax 1.020758b vs. 1.039222b -1.777%
FY Taxation [charge]/ credit [258.908m] vs. 61.990m -517.661%
FY Profit for the year 761.850m vs. 1.101212b -30.817%
FY Total comprehensive income 522.311m vs. 1.743357b -70.040%
FY Gains/ [Losses] arising from changes in fair value of biological assets after tax 93.496m vs. 21.113m +342.836%
EPS on operating activities 2.98 vs. 4.18 -28.708%
EPS on biological assets 0.41 vs. 0.09 +355.556%
EPS 3.39 vs. 4.27 -20.609%
Dividend per share 1.50 vs. 1.25 +20.000%
Total equity 13.960232b vs. 13.558505b +2.963%
Cash and cash equivalents at the end of the year 1.954551b vs. 1.200514b +62.810%
11,108 tonnes of made Tea compared to 8,578 tons in the previous year.
average price realised $1.89 per KG versus 1.87
Coffee 944 tons average $4.57 per KG
Big surge in Tea Production.
Cheap share on a PE of 5.22
H1 Revenue 1.587013b vs. 1.268315b +25.128%
H1 Gains/[Losses] arising from changes in fair value of biological assets less cost to sell 449.199m vs. [59.102m] +860.040%
H1 Finance income 48.062m vs. 12.468m +265.483%
H1 PBT 746.127m vs. [131.424m] +667.725%
H1 Profit for the period 522.288m vs. [91.997m] +667.723%
EPS on operating activities 0.86 vs. [0.23] +473.913%
EPS on biological assets 1.39 vs. [0.19] +831.579%
EPS 2.25 vs. 0
Total equity 14.023780b vs. 13.558505b +3.432%
Real Strong H1 Earnings
Sasini Limited 2015 Full Year result through 30th September 2015 vs. 30th September 2014
FY Revenue 2.786126b vs. 2.762547b +0.854%
FY Gain/ [Losses] arising from changes in fair value of biological assets less costs to sell 18.290m vs. [50.198m] +136.436%
FY Results from operating activities 954.524m vs. 87.331m +992.996%
FY Finance income 81.684m vs. 2.199m +3,614.598%
FY Finance costs [6.966m] vs. [27.737m] -74.886%
FY Profit before tax 1,039.222m vs. 61.793m +1,581.779%
FY Profit/ [Losses] for the year 1,101.212m vs. 45.421m +2,324.456%
FY Reversal of revaluation gain-net of tax 405.712m vs. 5,674.530m -92.850%
FY Re-measurement of post employee benefits 32.734m vs. 18.105m +80.801%
FY Total comprehensive income/ [Losses] 1,539.658m vs. 5,716.293m -73.065%
FY Profit/ [Loss] arising from operating activities 953.650m vs. 85.476m +1,015.693%
FY Other comprehensive income/ [Losses] 438.446m vs. 5,692.636m -92.298%
FY [Losses] gains arising from changes in fair value of biological assets 21.113m vs. [51.819m] +140.744%
FY EPS 4.23 vs. 0.10 +4,130%
Dividend per share 0.15 vs. 0.25 -40%
Total assets 16.044527b vs. 14.929577b +7.468%
Cash and cash equivalents at the end of the year 1,200.514m vs. 325.885m +268.386%
Significant contributions to this improvement arose from restructuring of non performing Assets
The Sale of part of the land in two of the subsidiary companies was completed
The successful disposal of these assets in the second half yielded considerable contribution to the bottom line.
Factories produced 8,578 tons of made Tea compared to 11,564 tons in the previous year.
Factories produced 993 tons of Coffee compared to 1,153 tons in the previous year
Real Estate Sales fuelled the +4,130% FY EPS Gain and there is plenty more of that to come, I venture
Announcement of results for the ten months ended 31st July 2015
Revenue 1.882930b versus 2.088270b
Gains [Losses] arising from changes in fair value of biological assets [98.503m] versus [12.334m]
Other Income 874.448m versus 0
Results from Operating Activities 789.373m versus 69.481m
First Half Profit before Tax 834.023m versus 76.457m +990%
First Half Profit after Tax 554.265m versus 53.520m +935.6%
10 month EPS 2.01 versus 0.21 +857%
Cash and cash equivalents at end of period 1.100757b
increase in profitability in operating activities and restructuring of non performing assets
Year has been characterised by a biting drought that severely affected the operations of the Tea Division
Production volumes in both tea and coffee divisions dropped considerably
sale of Wahenya Estate and part of Mweiga Estate was completed
Dividend 1 shilling a share
Not sure why they are reporting 10 month numbers.
Clearly they have booked some Land sales through the Earnings. There is probably plenty more to come.
Its a cheap share and this might prove the catalyst for a material rerating.
First Half Earnings through 31st March 2015 versus 31st March 2014
First Half revenue 1.268315b versus 1.377568b
First Half Profit before Tax [131.425m] versus 40.744m
First Half Profit after Tax [91.997m] versus 28.521m
EPS Operating Activity [0.23] versus 0.17
EPS [biological Assets] [0.19] versus [0.07]
H1 EPS [0.42] versus 0.10
Tea Prices ramped a lot higher over this reporting Period. The First Half Results do not seem to have ridden the rebound.
Full Year Results through September 30th 2014 versus through September 30th 2013
FY Revenue 2.762547b versus 2.816834b
[Losses]Gains arising from change in Fair Value of biological assets [50.200m] versus 379.098m
FY Results from Operating Activities 87.331m versus 144.730m -39.659%
FY Finance Costs [27.737m] versus [8.631m] +221.631%
FY Profit before Tax 61.793m versus 158.407m -60.99%
FY Profit after Tax 45.241m versus 91.689m -50.65%
FY EPS 0.10 versus 0.54 -81.48%
FY Dividend 25cents a share unchanged
Tea Price realization dropped sharply from last years average of $2.26 per KG to $1.82 per KG.
Reduced Coffee Production levels
They eked out a Profit in a very difficult Year for Tea Prices.
Earnings 6 months through 31st March 2014 versus 6 months through 31st March 2013
6 Month Revenues 1.377568b versus 1.474913b -6.6%
Fair Value Biological Gains or [losses] [12.334m] versus 50.253m
Results from operating activities 39.463m versus 285.059m -86.156%
H1 Profit Before Tax 40.744m versus 286.368m -85.77%
H1 Profit After Tax 28.621m versus 200.458m -85.722%
H1 Earnings Per Share 0.10 versus 0.91 -89.01%
The decrease in the Profits is largely as a result of significantly lower prices of Tea and lower production of Coffee in the Period under review.
No Interim Dividend
dramatic slow down in Earnings. Tea Prices have been soft and Coffee production lower and therefore company was unable to ride the higher Coffee price structure
The Issue with these Companies is that the Net Asset Value is significantly higher than the share price.
FY Through 30.09.2013 versus 30.09.2012
FY Revenue 2.816834b versus 2.779883b +1.3292286%
[Losses]Gains arising from changes in Fair Value of Biological Assets [31.517m] versus [420.986m]
FY PBT 158.407m [85.225m]
FY PAT 91.689m versus [124.113m]
EPS OPERATING ACTIVITIES 0.56 versus 0.82 -31.707%
Earnings Per Share on Biological Assets [0.03] versus [1.12]
FY EPS 0.54 versus [0.30]
The Swing Factor was a sharply reduced Biological Loss in FY 2013 versus FY 2012
The Net Asset Value is a multiple of the share Price.
Tea Prices have been soft all Year.
FY Earnings through September 2012
Revenue 2.779883b versus 2.665877b
Biological Assets Revaluation [0.420986b] versus 0.416043b
Results from Operating Activities [-95.402m] versus 977.211m
Profit Before Tax [-85.225m] versus 1.014139b
Profit After Tax [-67.793m] versus 391.233m
Earnings Per Share from Operating Activities 0.82 versus 1.69
Earnings Per Share from Biological Assets [1.12] versus 0.03
FY EPS [0.30] versus 1.72
Final Dividend 0.25
Total Dividend 0.75 versus 1.00
Company Commentary cites reduced Coffee Prices and Drought experienced in first 3 months of 2012.
Coffee Prices have come considerably lower.
Biological Revaluation crimped.
The NAV is a multiple of the Share Price.
Swot Analysis Six Months to March 2012 versus Six Months to March 2011
1.3734475b versus 1.260922b +8.924%
Gains or Losses from Biological Revaluation -46.597m versus +329.052m
Profit Before Tax 177.879m versus 614.512m -58.188%
Profit After Tax 177.083m versus 423.53m
Profit arising out of Operating Activities 160.251m versus 198.267m -19.1741%
Earnings Per Share EPS 0.78 versus 1.88 [0.99 was a Biological Gain]
Company cites Costs of Farm Inputs and Labour.
A Lower Coffee Price.
Interim Dividend of 50 cents a share.
I would like more granularity around the Separate Business Lines, Tea, Coffee, Horticulture, Savannah. The Head Line Number veils the Fact that Profits arising out of Operating Activities were -19.1741% versus the Headline Profit After Tax Fall of -58.188%. The Interim Dividend is worth 4.1493% of Yield. Setting the Company and Group Numbers side by side and there is a wide Divergence.
Swot Analysis FT Sep 2011 versus FY Sep 2010
Revenue 2.665877b versus 2.297927b
Gains from Biological Revaluation less estimated Point Of Sale Costs 413.082m versus 904.382m
Profit Before Tax 1.014139b versus 1.382375b
PAT 391.233m versus 980.907m
EPS Operating Activities 1.70 versus 1.55
EPS 1.72 versus 4.30
Non Controlling Interest [59.114m] versus [12.823m] +360.99%
Final Dividend 50 cents
Interim Dividend Paid 50 cents
Operating Profits increased I need to see Production and Point of Sale Price Data but these are hardly correlated to the underlying Commodity Price Trends
Full Year Sep 2010 versus Full Year 2009
Turnover 2.29 Billion versus 2.18 Billion
PAT 352.5m versus 137.2m
Company redeemed 540m Fixed Rate Loan Notes
Final Dividend 0.30 cents + Interim 0.20 Cents makes 0.50 Cents
EPS 4.30 [2.75 Biological] versus 2.30 [1.70 Biological]
Strong Results reflecting The Tea Curve Sweet Spot