Unga Group Plc, a Kenya-based holding company involved with the manufacture and marketing of a broad range of human nutrition, animal nutrition, has issued a profit warning for the full-year profits for the year ending on 30th June 2020.
The company says its net earnings are projected to drop by more than 25 percent compared to 2019 full-year earnings attributed to increased cost and poor weather conditions.
“The decline in profitability is attributable to reduced volumes in the animal nutrition segment and increased cost of maize and wheat grains attributable to unfavourable local weather conditions and rallying world wheat prices,” Unga said a note to investors.
“In addition to low consumer demand, local farmers faced increased competition from imports of farm produce from the region, specifically in poultry and dairy sectors.”
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