Unga Group of Kenya Full-Year Net Surges on Higher Wheat Price

By Eric Ombok

Sept. 26 (Bloomberg) -- Unga Group Ltd., a Kenyan company with interests in grain milling and the manufacture of animal nutrition products, said full-year profit more than doubled after wheat prices increased.

Net income climbed to 231.6 million shillings ($3.13 million) in the 12 months through June, from 82.5 million shillings a year earlier, the Nairobi-based company said in a statement today in the Daily Nation newspaper. Sales rose 23 percent to 9.5 billion shillings.

``The company took a long position on imported wheat at the onset of the financial year which contributed to improved results in its milling business,'' the company said.

Unga's directors recommended that existing shareholders be issued one share for every five held, the company said, without providing further information.

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