Report

Annual Report 2019

Group revenue increased by 12% for the year, mainly explained by the higher sales achieved by the Group’s East African sugar operations and the Property cluster. Normalised EBITDA decreased slightly by 3% as the better performance of the Property cluster mostly offset those of the Sugar and Energy clusters. However, profit after tax and earnings per share experienced a significant deterioration caused by asset impairment charges within the Sugar and Energy clusters. These are further explained below. Gearing and finance costs increased as the group geared up to finance further developments of its sugar operations in Tanzania and Kenya while equity was adversely affected by the asset impairment charges.

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