By BD Reporter
IN SUMMARY
The Nairobi bourse listed miller posted a 45.9 per cent growth in net profit to Sh508 million in the year to June helped by an asset revaluation, a turnaround from the 20 per cent drop it posted last year.
Unga deepened board changes with appointment of Mr Obath as director after it tapped Mary M’Mukindia, a former CEO of National Oil Corporation of Kenya (Nock), and elevated Isabella Ocholla-Wilson as chairperson.
Unga Group Ltd has appointed Patrick Obath to its board as the flour miller returned to profit growth.
The Nairobi bourse listed miller posted a 45.9 per cent growth in net profit to Sh508 million in the year to June helped by an asset revaluation, a turnaround from the 20 per cent drop it posted last year.
Unga deepened board changes with appointment of Mr Obath as director after it tapped Mary M’Mukindia, a former CEO of National Oil Corporation of Kenya (Nock), and elevated Isabella Ocholla-Wilson as chairperson.
Turnover dropped to Sh15.7 billion from Sh15.7 billion and firm maintained its dividend at last year’s level.
"Profit before tax increased 29 per cent…this has been arrived at crediting back a retirement asset revaluation surplus of Sh198 million,” said Unga in a statement without giving details.
The miller noted that it has increased its ownership in Uganda subsidiary to 100 per cent from 40 per cent for undisclosed fee.
The Unga job is Mr Obath’s third board appointment among firms listed at the Nairobi Securities Exchange (NSE) including Kenya Power and Standard Chartered Bank. Mr Obath, 59, previously served as managing director of Kenya Shell.
Influential businessmen Jeremiah Kiereini and Richard Kemoli quit Unga’s board last year in response to a directive by the Capital Markets Authority (CMA) barring the two and six others from holding directorships in companies listed on the NSE. They were barred on alleged governance breaches at CMC Motors.
Their exits created room for Mr Obath and Ms M’Mukindia to join the miller’s board.
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