Unga Group Holdings Ltd. says it will transition from grain milling to being a general food company due to dwindling revenues and competition to secure its future.
The company listed on the Nairobi Securities Exchange (NSE) also cited decreased product demand and high raw material costs.
“Looking ahead, we have observed changing consumer purchasing habits, particularly among younger consumers who prefer convenient, nutritious foods that are easy to prepare while also being health conscious,” said Joseph Choge, the group’s managing director.“
In addition, we continue to be affected by cheap poultry imports from the region and fish from Asia, resulting in condensed market for our animal nutrition products,” reads the report.
