Equity Analysis /

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

    Olabisi Ayodeji
    Olabisi Ayodeji

    Equity Research Analyst, Banks (Africa)

    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.