Unga Group sinks into Sh131.3m loss on increased cost, inflation
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Nairobi, March 1 -- Listed food processor Unga Group has reported a loss of Sh131.3 million for the six months to December 2022, reversing a profit of Sh8.4 million in the previous year, on increased operating expenses, high inflation and the weakening shilling.
The miller's revenue jumped 36 per cent from Sh8.8 billion reported in December 2021 to Sh12 billion on higher prices for final products amid inflation.
Inflation and poor weather have affected the firm's suppliers and farmers.
"Revenue growth of 36 per cent over same period prior year is mainly attributable to increased finished product prices to partially recover raw material price inflation," the miller said in a statement.
"Profit before tax was negatively impacted due to ...
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