Ndegwa Family’s Milling Giant Springs Back to Profitability

Unga Group Plc, the only listed miller at the Nairobi Securities Exchange (NSE) owned by the Ndegwa family, clawed back into profitability after a series of loss-making runs.

This is according to Unga’s audited earnings for the financial year ending 30th June 2025, released on Thursday 25th September 2025. Its Net Profit rose to KSh 222.1 million at the end of this financial year from a net loss of KSh 669.6 million at the close of 30th June 2024.

Revenues were up 10.2% to KSh 261.3 billion from KSh 23.70 billion in 2024. Earnings per share, which is an indicator of profitability, moved to KSh 1.73 from negative KSh 5.94 in 2024. What Shareholders own at the firm increased to KSh 3.49 billion from KSh 3.35 billion in 2024.

The balance sheet size, however, shrunk in value from KSh 11.29 billion in 2024 down to KSh 11.08 billion in 2025. Unga Group reported a net profit of KSh 82.17 million for the six months’ period ended 31st December 2024, its first half year profit in two and a half years.

> In New Development, MasterCard Blocks Identity Thieves Using a Smile

Unga Group, with a long history dating back to 1908, has been one of the region’s largest food producers. The 1980s saw the entry of other private milling firms, chipping away at its dominance. Unga Group still has one of the largest portfolios that includes wheat flours, maize meals, porridges, rice, pulses and spaghetti.

One of the largest individual shareholders at Unga Group is the Ndegwa family, which owns 50.93% of the listed miller, through Victus Limited. Other individual shareholders are Moses Thara with 5.03% shareholding and Rakesh Prakash Gadani holding 4.58% shares. Victus Limited is associated with the Ndegwa family’s First Chartered Securities, an investment firm with vast interests in real estate, banking, farming and insurance.

The current share price of UNGA at the NSE is KSh 25.50. Unga closed its trading on Thursday at KSh 23.45 over the previous price of KSh 21.50, a gain of 9.41%, as investors priced in this improved financial performance. UNGA began the year at a price of KSh 15.50 and has since rewarded investors in this counter with a 56.3% gain on that price.

In July this year, the Board of Unga Group Plc appointed Mr James Nyutu, as the new Group Managing Director. Nyutu had been serving in acting capacity since June 4th 2024. Prior, he was Director, Finance and ICT for Unga Group and its subsidiaries.

Unga has been hit previously by the high costs of inputs. There has been a local supply deficit resulting in increased importation at increased raw material and shipping expenses. The Board of Unga Group attributes the improved financials to stability of the Kenya shilling against major currencies, a decline in interest rates and steady climatic patterns that moderated raw material price volatility.

The Group remains alert to ongoing global economic volatility, including developments in supply chains, interest rates, credit markets, and currency movements. Strategic focus will remain on enhancing customer experience, strengthening brand equity, and consistently delivering high-quality, safe, and reliable products.

The Milling firm’s Directors have not rewarded its shareholders with any dividends.

> NSE Derivatives Market Comes Alive After Margins are Lowered