like the steady growth of revenue and the rise in profits from continuing operations.

Surprised that the finance costs didn't seem to eat into margins as much as I feared from the full year results last year (when finance costs topped 200mn).

Cautious optimism for this one- the cloud in the sky is the warning that grain quality and quantity may disappoint this year.

@Arconnrk - Interesting point. Unga got cash from Nampak for the sale of Bullpak in Aug 2014 onwards. That helped REDUCE Unga's borrowings in FY2014-15.

On 30 June 2015 [11 months later] Unga paid Ndegwas 542mn (or so) for 52% of Ennsvalley. That cash is going, going, gone.

I do not see a comment specifically about interest/finance costs.

Regardless, without the CF & BS, tough to know what happened but I shall ASSuME the following:

1) Cashflow from profits used to pay down debt.
2) Cashflow from reducing inventory to pay down debt. [Think KK]
3) 542mn paid to Ndegwas but some cash-in-hand from Ennsvalley.
4) Reduction in receivables. [Think KK]
5) Increase in (interest-free) payables to suppliers.

Challenges:
- Competition
- Wheat imports
- Maize shortfall within the region eg Malawi has a drought

Positives:
- Amana pulses [If the missteps have been fixed]
- Wheat consumption is growing
- Maize can be imported from other countries [albeit at a higher cost]

I remain bullish on the growth in profits. The (continuing operations) EPS of 2.83 is +30% is impressive BUT one has to deduct the effects of Ennsvalley & loss of profits from Bullpak to compare apples to apples.

@elephant CMA should have a quiet word with them that half-year should not mean half the financial statements.

They need to work on Amana or kill the brand. It is a competitive market.
Yes, they should have posted a balance sheet. As you say, at least on their website.

Was it the power of prayers? Or pressure from owners?

Either way the director who was becoming a liability over the BAT scandal has resigned. Link