Tough times.
Expansion into EAC seems a good idea but there's a lot of pain that goes with it especially with poor fiscal policies. Except for Rwanda, all the EAC currencies have suffered mightily against the USD.
C&G hasn't been able to keep a handle on Selling, Distribution and Admin costs [though to be fair the Revenue in KES is +20% so the increase in SDA can be explained].
I'd like to know more about the Tax Credit and as there was a loss from the 'core operations' which were rescued by the gain in revaluation. I wish we had more details on the Shanzu plots i.e. location, size and value. The good news is that the sale would boost cash which should be used to pay down debt.
Or place the real estate assets into a REIT and spin it off. The 'engineering' business should be separated out from the real estate business.
2016 is going to be a tough, tough year for C&G [and many other firms].
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett