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Home Afrika FY14 Earnings down 89%
Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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  Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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No Dividend declared AGM 25 June 2015 Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Quote:CEO'sSTATEMENT
Home Afrika Ltd is pleased to present the group's financial results for the year ended 31st December 2014. The Group reported an increase in revenue to Kshs.687 Million from Kshs. 651million representing a 6% growth from the previous year. The group launched 2 new projects in 2014; Lakeview Heights in Kisumu and Llango in Kwale. The increase in revenue is attributable to incremental revenues from the new projects as well as from the flagship Migaa project in Kiambu. Cost of sales significantly increased to Kshs. 447million from Kshs.262million in 2013 representing a 71% increase. This increase in cost of sales and the
corresponding decrease in gross profit is on account of sales mix where in the year 2014 most of the sales were of residential properties compared to 2013 where a large portion of sales represented commercial properties achieving a higher margin. The company had
embarked on raising finance through a debt issue since early 2014, the proceeds of which were only realized in late December 2014 and early 2015. As a consequence, the investment of such funds in the infrastructure development at the underlying projects of the group has been delayed which is the primary reason for the net profit achieved in 2014 of Kshs.9 Million being lower than the 2013 profit of Kshs.80 Million.
Total assets grew to Kshs. 3.7billion from Kshs. 3.1billion in 2013 on account of an increase in inventories from the new projects, the improved valuation of investment properties and cash from the debt issue. Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Quote:OUTLOOK
The group anticipates continued utilization of the proceeds from the Kshs.500 million debt issue in project development over the first half of 2015 with resultant benefits in the form of revenue and profits to be generated in the second half of 2015.
Completion of the residential units in Mitini, within Migaa, is expected in May 2015. Key infrastructure works in Migaa including the roads network construction, golf course, water & sewer reticulation, power distribution and street lighting are accelerating from 2015 going forward for completion in 2017. In this regard, the company has entered into a
milestone partnership of USD 22 Million to develop and manage the club house, sports facilities, and the golf course in Migaa.
The group continues to have substantial amounts held as deferred income, inventories and deposits received for future sales which are expected to convert into revenue and profit as this development continues. To achieve this, the group has significantly increased its marketing efforts to achieve sales of residential and private developer sites at each of its
projects and this is expected to start yielding results in the second half of 2015.
The management and board will also continue streamlining costs and increase efficiency to
maximize shareholder return. The directors remain confident of the substantial underlying long term value and profit generation in the periods ahead. Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 6/23/2009 Posts: 13,551 Location: nairobi
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:)
HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Veteran Joined: 8/16/2009 Posts: 994
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This company belongs to minority "non controlling interests" who will take home 26M in profits with real owners booking a loss of 18M. Last year non controllers made 60M with owners only getting 20M. We can comfortably say for last 2 years owners have only made 20M - 18M = 2M in profits. Does it get more bonoko than this? Time is money, so money is time. Money saved is time gained in reverse! Money stores your life’s energy. You expend your energy, get paid money, and store that money for a future purchase made in a currency.
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Rank: Member Joined: 3/26/2012 Posts: 830
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Sometimes I just pity Wanjiku's who bought and still hold this counter...I heard that Lee Karuri owns a similar entity privately, and thus there is an obvious conflict of interest...too bad he is among those in charge. Benjamin Graham advises investors to largely ignore new listings. I couldnt agree more A successful man is not he who gets the best, it is he who makes the best from what he gets.
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Rank: Chief Joined: 1/3/2007 Posts: 18,121 Location: Nairobi
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Gatheuzi wrote:This company belongs to minority "non controlling interests" who will take home 26M in profits with real owners booking a loss of 18M. Last year non controllers made 60M with owners only getting 20M.
We can comfortably say for last 2 years owners have only made 20M - 18M = 2M in profits. Does it get more bonoko than this? KQ. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Chief Joined: 1/3/2007 Posts: 18,121 Location: Nairobi
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S.Mutaga III wrote:Sometimes I just pity Wanjiku's who bought and still hold this counter...I heard that Lee Karuri owns a similar entity privately, and thus there is an obvious conflict of interest...too bad he is among those in charge. Benjamin Graham advises investors to largely ignore new listings. I couldnt agree more Conmen. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: New-farer Joined: 2/6/2015 Posts: 12
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Bitterly disappointing results!
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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S.Mutaga III wrote:Sometimes I just pity Wanjiku's who bought and still hold this counter...I heard that Lee Karuri owns a similar entity privately, and thus there is an obvious conflict of interest...too bad he is among those in charge. Benjamin Graham advises investors to largely ignore new listings. I couldnt agree more longonot Gate Life is short. Live passionately.
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Quote:Notice of Annual general meeting of Home Afrika Limited for the year 2015 will be held on 25th June 2015 at the Kenya School of Monetary Studies, Nairobi starting at 10.00 a.m Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 7/21/2010 Posts: 6,183 Location: nairobi
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Pesa Nane wrote:Quote:Notice of Annual general meeting of Home Afrika Limited for the year 2015 will be held on 25th June 2015 at the Kenya School of Monetary Studies, Nairobi starting at 10.00 a.m have they paid the meeting venue? "Don't let the fear of losing be greater than the excitement of winning."
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Rank: Elder Joined: 6/23/2009 Posts: 13,551 Location: nairobi
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mlennyma wrote:Pesa Nane wrote:Quote:Notice of Annual general meeting of Home Afrika Limited for the year 2015 will be held on 25th June 2015 at the Kenya School of Monetary Studies, Nairobi starting at 10.00 a.m have they paid the meeting venue? Haha.. Below the belt
HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Veteran Joined: 4/16/2014 Posts: 1,420 Location: Bohemian Grove
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obiero wrote:mlennyma wrote:Pesa Nane wrote:Quote:Notice of Annual general meeting of Home Afrika Limited for the year 2015 will be held on 25th June 2015 at the Kenya School of Monetary Studies, Nairobi starting at 10.00 a.m have they paid the meeting venue? Haha.. Below the belt 
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Rank: New-farer Joined: 5/20/2010 Posts: 69
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What about the cash flow statement? who has those?
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Rank: Chief Joined: 1/3/2007 Posts: 18,121 Location: Nairobi
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sl8r wrote:What about the cash flow statement? who has those? That only applies to firms that get cash inflows!  Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Hello Joined: 2/10/2015 Posts: 8 Location: Nairobi
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AGM: They talked of unlocking the balance sheet as the main objective going forward.
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Rank: Elder Joined: 11/27/2007 Posts: 3,604
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What of the shunned bond and the 17% interest rate. Will they ever make money from this borrowed money considering Home Africa only made 9million in profits last year African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
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Rank: Member Joined: 7/9/2006 Posts: 79
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Would you give them money for 17% ? Like a ponzi scheme that offers you those 85% returns I say no! I don't trust nor understand their model. @amathenge can tell you if they'll ever make money, he seems to understand them.Too much stuff working against this stock. I SAY CUT YOUR LOSSES!
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Home Afrika FY14 Earnings down 89%
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