Equity Analysis /
Kenya

Bamburi Cement: BAMBURI CEMENT: FY17 – weakness in Kenya, exceptional items drag performance; reiterate HOLD

    Olabisi Ayodeji
    Olabisi Ayodeji

    Equity Research Analyst, Banks (Africa)

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    Tellimer Research
    28 March 2018
    Published byTellimer Research
    Bamburi Cement’s results for the period are poor, and below our expectations. The company posted EPS of KES4.54 for the year, -69% yoy. Final dividends of KES1.50/share were also declared (0.8% yield), bringing the total for FY17 to KES4.0/share (-67% yoy and 2.2% yield). We note that management has only published a summary of the results with no details on segmental performance, cement volumes, and cost-line items. Also, comparative revenue numbers for FY16 were revised slightly higher (+1% vs previous), but no changes were made to PBT and net income.