Group Net sales growth of 4%
Group Profit after tax up 5%
Dividend of 4/-
http://m.eabl.com/downloads/eab...lyearresults-aug2014.pdf

Uganda grew by 13%. Kenya delivered a slight decline of 1% on NSV due to Senator Keg performance. Tanazania NSV down 1%
Export markets grew 50%, supported by the opening of a depot in Juba and the introduction of cans.

Cost of sales improved by 1%
Administrative expenses increased by 24% including one-off restructuring costs.
13% rise in selling and distribution costs

The 1.2bn 'Restructuring Cost' was a one-time event though there may be a spill-over into this year. For all practical purposes, add 1.2bn to 2015's PBT.

Tanzania should do better in 2015 but Kenya may suffer esp with the low tourist trade at the coast.

Guys EABL is already efficient don’t expect magic.

At times super normal profits comes from a company cutting off waste and other times that can happen when the market is imperfect.

After that the curve flattens.

EABL shareholders are often loyal... "Old" shareholders are in it for the dividend. They are unlikely to sell at 320, 350, 400 and even 450...

If the price drops, there are often many buyers coz EABL is in the FMCG industry... with a solid product.

And I have not answered your question. Coz I do not know the answer!