Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Unga Group Rises to 2-Year High on Dividend Bets: Nairobi Mover

Sept. 7 (Bloomberg) -- Unga Group Ltd., a Kenyan grain miller, rose the highest in almost two years on speculation that the company will increase its dividend payment.

The stock advanced 3 percent to 13.60 shillings by 11:16 a.m. in Nairobi, the capital, the highest since October 2010, according to data compiled by Bloomberg.

“There is expectation of better performance which may see the dividend payment raised to as much as 1 shilling from last year’s 0.75 shillings,” Eric Musau, a research analyst at Nairobi-based Standard Investment Bank Ltd., said by phone today. “The strengthening of the shilling has also lowered its foreign-exchange exposure especially for imported grains.”

Net income for the six months to Dec. 31 rose to 149 million shillings ($1.76 million) from 146.7 million shillings with sales climbing to 8.42 billion shillings from 6.26 billion shillings a year earlier, it said on March 1. The Kenyan shilling has advanced 6.1 percent against the dollar from June 30, 2011, to the end of June this year, the best-performing currency in Africa.

To contact the reporter on this story: Johnstone Ole Turana in Nairobi at jturana@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.