Analyzing the Company Strategy Type

Analyzing the Company Strategy Type

Analyzing the Company Strategy Type

East African Breweries Limited

Action Plan Analysis

 

[Student Instructions Begin]

Please see the Sustainable Solutions Paper–Applying Complexity Analysis Handout for completing the following sections of the template which you will submit on Day 7 of Week 7.

[Student Instructions End]

 

Boid Analysis

 

Industry Evolution Modeling

 

[Student Instructions Begin]

Please see the Sustainable Solutions Paper–Applying Systems and Sustainability Frameworks Handout for completing the following sections of the template which you will submit on Day 7 of Week 7.

[Student Instructions End]

 

Life Cycle Assessment

 

Sustainable Value Framework Analysis

 

Detailed Analysis of All Four Quadrants

[Student Instructions Begin]

After completing your Sustainable Value Framework Analysis, per the handout, complete the Table 2: Sustainable Value Framework with your response to this section.

[Student Instructions End]

 

Table 2: Sustainable Value Framework

	Today	Future
External	Strategy:  Payoff:	Strategy:Payoff:
Internal	Strategy:Payoff:	Strategy:Payoff:

 

Conclusions

[Student Instructions Begin]

Summarize the key points in the paper and provide any conclusive ideas. No new ideas should be included in this section. Link your arguments for conclusions to the section of the paper that states the analysis results used. Note: this should be considerably shorter than the Executive Summary. This section should be less than a page.

[Student Instructions End]

Hints on Writing

• Boid Analysis (35 points)
• Industry Evolution Modeling (40 points)
• Life Cycle Assessment (40 points)
• Sustainable Value Framework Analysis (50 points)

Conclusions.

East African Breweries Limited _________________________________________________________________________________ ___________________________________________________________________________________________ East African Breweries Limited – SWOT Profile Page 1 East African Breweries Limited: SWOT Analysis & Company Profile Reference code: BRCP186CP10-Q4 Published: Oct 2010 Business Review John Carpenter House 7 Carmelite Street London EC4Y 0BS United Kingdom Tel: +44 (0) 20 7936 6400 Fax: +44 (0) 20 7336 6813 East African Breweries Limited __________________________________________________________________________________________ ___________________________________________________________________________________________ East African Breweries Limited – SWOT Profile Page 2 East African Breweries Limited – Company Overview East African Breweries Limited (EABL) is one of East Africa’s leading branded alcohol manufacturing companies. It is a holding company engaged in the brewing/ manufacturing, marketing and selling of drinks, glass containers, malt and barley through its subsidiaries. The product portfolio of the company includes beer, spirits and non-alcoholic beverages. EABL offers beer under Tusker, Guinness, Tusker Malt, Pilsner, White Cap, Allsopps, and Bell brand names; spirits under Johnnie Walker, Smirnoff, Richot, Bond 7, and Waragi brands; and non-alcoholic drinks under Malta Guinness and Alvaro brands. The company exports its products to Burundi, Rwanda, Tanzania, Southern Sudan, Uganda, Eastern DRC Congo, Eritrea, Djibouti, Ethiopia, Mauritius, Malawi and Seychelles. It also exports its products to outside Africa, which include the US, Japan, Australia, Canada and the UK. EABL is a subsidiary of Diageo plc. The company is headquartered in Nairobi, Kenya. Financial Performance The company reported revenues of KES 37,965.33 million during the fiscal year ended June 2010. Its revenues grew at a compound annual growth rate (CAGR) of 3.97%, during the period, 2008-2010, and year-on-year (Y-o-Y) growth of 10.34% over the fiscal year 2009. During the fiscal year 2009, its operating margin was 33.10% as against an operating margin of 33.44% during the fiscal year 2008. Moreover, during the fiscal year 2009, the company’s net profit margin was 18.91% as against a net profit margin of 20.01% during the fiscal year 2008. East African Breweries Limited – Key Facts East African Breweries Limited, Key Facts Corporate Address: Coporate Centre, Nairobi, , , Kenya Ticker Symbol, Stock Exchange EABL (Nairobi Stock Exchange) Telephone + 254 8644000 No. of Employees N/A Fax + 254 8563054 Financial Year End June URL www.eabl.com Revenue (in KES Million) 37,965.33 Industry Consumer Packaged Goods Revenue (in USD Million) 474.86 Locations Australia, Japan, United Kingdom, Kenya, Canada, United States Source: Annual Report, Company Website, Primary and Secondary Research East African Breweries Limited __________________________________________________________________________________________ ___________________________________________________________________________________________ East African Breweries Limited – SWOT Profile Page 3 East African Breweries Limited – Business Description East African Breweries Limited (EABL) operates as a subsidiary of Diageo plc. Diageo Kenya Limited holds 42.82% stake in the company while Diageo Holdings Netherlands B.V. holds another 4.60% stake. The company, along with its subsidiaries, is engaged in brewing, manufacturing, and marketing of branded alcoholic and non-alcoholic beverages. It employs 1,188 people. The company is one of the leading alcoholic beverage companies in Eastern Africa. Along with its breweries and distilleries, the company manufactures beers and spirits. The spirits category includes vodka, whisky, brandy and triple refined spirits. The company also manufactures non-alcoholic drinks. EABL markets its products under various brands, which include Tusker, Pilsner, White Cap, Allsopps, Senator Keg, Bell Lager and Guiness in the beer category. Under the Tusker brand, the company offers Tusker Lager and Tusker Malt Lager. Tusker Lager is one of the biggest brands in Kenya. The other markets in which Tusker is promoted include Tanzania, Canada, Japan, the UK and the US. Tusker Malt Lager brand is promoted as premium malt in Kenya while Pilsner brand of beer is positioned with emotional elements that show masculinity and authority. This brand is promoted in Kenya, Tanzania, Congo, Uganda, Sudan and Rwanda. The White Cap brand is targeted for the people in the age group of 28 to 45 years and positioned for dominant males and high ranking professionals in Kenya. Senator branded barley beer is targeted at accessible pricing markets and is promoted in Kenya. The Bell Lager brand is brewed at Uganda Breweries Ltd. It is positioned for urban males and marketed in Uganda, Rwanda, Congo, Sudan and the UK. The spirits category brands of the company include Johnnie Walker, Smirnoff, Richot, Bond 7 and Waragi. Johnnie Walker is a whiskey brand while Smirnoff is a premium vodka brand and Richot is a blended brandy. Waragi is a leading spirit brand in Uganda and is positioned for occasions with friends. The brand is promoted in Uganda, Rwanda, Congo, Sudan and the UK. In the non alcoholic category, the company manufactures malt based drinks. It promotes two brands in this category, namely, Malta Guinness and Alvaro. Malta Guinness drink is positioned for busy and active customer group. This brand is promoted in Cameroon, Nigeria, Ghana, Kenya and Tanzania. Alvaro is positioned for sophisticated broad minded adults. This brand is promoted in Kenyan markets. EABL distributes its products across Kenya through local distributors. It also exports these products to Tanzania, Djibouti, Uganda, Rwanda, Burundi, Southern Sudan, Ethiopia, Eastern DRC Congo, Eritrea, Malawi, Mauritius and Seychelles. In addition, it exports its products to outside Africa, which include Australia, Canada, Japan, the UK and the US. The operations are carried out through its subsidiaries such as Kenya Breweries, Uganda Breweries, International Distillers Uganda, East African Maltings, Central Glass Industries, EABLI, EABL Tanzania Limited and UDV Kenya. Geographically, the company operates in three segments, namely, Kenya, Uganda and Tanzania. During the fiscal year ended June 2010, the company generated 80.32% of its total net sales from Kenya, 17.78% from Uganda and 1.9% from Tanzania. Recently, the Tanzanian Fair Competition Commission approved the acquisition of a majority interest in Serengeti Breweries Limited (SBL) by EABL. SBL is Tanzania’s second largest brewer and the producer of the Premium Serengeti Lager. In addition, EABL through its subsidiary, East African Maltings Ltd (EAML) started purchasing sorghum grown in various semi-arid areas across the country with a major focus in Eastern Province as part of its ongoing strategy to manufacture alcoholic beverages by using locally grown raw materials and developing technologies. Further, the company also opened a new Brew House and Bottling Line at Tusker Brewery, Nairobi. East African Breweries Limited __________________________________________________________________________________________ ___________________________________________________________________________________________ East African Breweries Limited – SWOT Profile Page 4 East African Breweries Limited – Major Products and Services East African Breweries Limited is one of the leading manufacturers of branded alcohol beverages in East Africa withan outstanding collection of beer and spirit brands. Its products include the following: East African Breweries Limited, Major Products and Services Products: Alcoholic Products: Beer Spirits Non-Alcoholic Products: Malt Based Drinks Brands: Beer Brands: Tusker Tusker Malt Pilsner White Cap Bell Allsopps Guinness Non-Alcoholic Drink Brands: Malt Guinness ALVARO Spirit Brands: Johnnie Walker Smirnoff Richot Bond 7 Waragi V & A Source: Annual Report, Company Website, Primary and Secondary Research East African Breweries Limited __________________________________________________________________________________________ ___________________________________________________________________________________________ East African Breweries Limited – SWOT Profile Page 5 East African Breweries Limited – History East African Breweries Limited, History Year Event type Description 2009 New Products/Services The company launched a new bottle for its premium beer brand, Tusker Malt Lager. 2009 Contracts/Agreements The company and Diageo entered into a partnership with Serengeti Breweries Limited (SBL). Under which SBL took over the distributorship of all EABL/Diageo spirits brands in Tanzania. 2008 Contracts/Agreements The company signed Vehicle Lease Agreement with leading local motor sales firm Toyota East Africa Ltd. 2005 Corporate Changes/Expansions The company launched EABL Foundation with a goal to enrich the lives of poor and excluded people in East Africa. 2004 Corporate Awards The company was voted as ‘East Africa’s Most Respected Company’ consecutively for the fifth time. 2003 New Products/Services KBL introduced a new lager brand by the name Senator. 2002 Contracts/Agreements The company signed an agreement with South African Breweries International and agreed for share exchanges in Kenya Breweries Limited and Tanzania Breweries Ltd. 2000 Corporate Changes/Expansions Kenya Maltings Limited was incorporated as a separate company in the Group EABL. 1997 Corporate Changes/Expansions Kenya Breweries installed an ultra modern state of the art bottling line at Tusker Brewery. 1992 New Products/Services Kenya Breweries launched its high quality gravity beer, Kenbrew. 1988 Corporate Changes/Expansions The company was renamed as Kenya Breweries Ltd. 1986 Contracts/Agreements Kenya breweries, a subsidiary company made an agreement with the US beer distributor to sell its products in the US. 1985 Corporate Changes/Expansions The company started the construction of Central Glass Industries. 1972 Corporate Changes/Expansions The company’s Uganda Breweries was nationalized by Idi Amin and established technical services division. 1964 Acquisitions/Mergers/Takeovers The company acquired Kilimanjaro Brewery in Tanzania. 1962 Corporate Changes/Expansions The company became a holding company and Kenya Breweries was re-established as the major trading company. 1962 Acquisitions/Mergers/Takeovers The company completed its merging with Allsopp (East Africa) Ltd. 1959 New Products/Services The company introduced Employee profit sharing scheme. 1959 Acquisitions/Mergers/Takeovers The company acquired financial holding in Uganda Breweries. 1954 Stock Listings/IPO The company started trading on the Nairobi Stock Exchange. East African Breweries Limited __________________________________________________________________________________________ ___________________________________________________________________________________________ East African Breweries Limited – SWOT Profile Page 6 1938 Corporate Awards The company won ‘First brewing prize’ in international competition. 1936 Corporate Changes/Expansions The company changed its name from Kenya Breweries Ltd to East African Breweries Limited. 1935 Acquisitions/Mergers/Takeovers The company acquired Tanganyika Breweries Limited. 1934 Stock Listings/IPO The company became a public company. 1930 New Products/Services The company launched the first lager beer 1929 New Products/Services The company used Malted barley in production process for the first time. 1924 New Products/Services The company’s Ruaraka brewery got a power line that raised the production to 20,000 gallons per month. 1922 Incorporation/Establishment East African Breweries Limited was established as Kenya Breweries Ltd. Source: Annual Report, Company Website, Primary and Secondary Research East African Breweries Limited __________________________________________________________________________________________ ___________________________________________________________________________________________ East African Breweries Limited – SWOT Profile Page 7 East African Breweries Limited – SWOT Analysis SWOT Analysis – Overview East African Breweries Limited (EABL) is one of the leading branded alcohol manufacturing companies in East Africa. The company’s strong brand equity and strong revenue growth are its key strengths, even as its geographical concentration remains a concern area. However, changing customer spending patterns and new alcohol law in Kenya could affect its growth. Going forward, new product launches and strategic growth initiatives could offer ample growth opportunities for the company. East African Breweries Limited – Strengths Strong Brand Equity East African Breweries Limited enjoys a strong brand equity, which provides it with an edge over its competitors while attracting and retaining a loyal customer base. The company offers a broad range of beer brands which include Tusker, Tusker Malt, Pilsner, White Cap, Bell, Allsopps and Guinness. The spirit brands offered by the company include Johnnie Walker, Smirnoff, Richot, Waragi, V & A and Bond 7. Malt Guinness and ALVARO are its non alcoholic beverage brands. Tusker Lager is one of the biggest brands in Kenya while Waragi is a leading spirit brand in Uganda. Through these strong brand offerings, EABL enjoys an estimated 95% market share in the formal alcohol industry in Kenya. Such strong market position and brand equity supports the launch of new products as well as the company’s foray into new markets. Association with the Diageo Family East African Breweries Limited is a subsidiary of Diageo plc, which is one of leading companies in the branded beverage alcohol industry. Diageo is a strategic shareholder of EABL with 47.5% shareholding in the company. Diageo has offices in 80 countries, and also has manufacturing sites throughout the globe including Canada, Spain, Great Britain, the US, Ireland, Italy, Latin America, Africa, Australia, India and the Caribbean. Diageo sells its products in more than 180 markets on five continents. In the global premium spirits market, Diageo holds the largest market share of 29%, followed by Pernod Ricard with 17%, Bacardi with 9%, Fortune Brands with 4%, Brown-Forman with 6% and others with 35%. During the fiscal year 2010, the company sold over 143.4 million equivalent units of spirits, wine and beer. Thus by being a part of Diageo, EABL leverages the strong position enjoyed by Diageo in the alcoholic beverage markets. It also gains from its Diageo’s strong management expertise, governance practices, innovations and corporate management. Strong Revenue Growth The company exhibited a steady revenue growth during the current fiscal year, which helps the company to pursue its growth plans. During the fiscal year ended June 2010, the company reported revenues of KES 37,965.33 million, an increase of 10.34% over the fiscal year 2009. The increase in sales was principally due to price, mix and the success of its premium and mainstream brands. Tusker and Guinness reported net sales value growth of 25% and 23%, respectively. In addition, EABL’s compounded annual growth rate (CAGR) for revenue was 16.08% during 2006-2010. This was above the revenue CAGR of its peer, Zambian Breweries Plc, which registered a 10.36% CAGR for the period, 2005-2009. The company’s revenue CAGR was also above the Beverages – Brewers sector average of 11.02%. Further, during the fiscal year 2010, the operating profit of the company was KES 12,568.09 million, an increase of 9.22% over 2009; and the net profit of the company was KES 7,179.03 million, an increase of 4.28% from 2009. Steady revenue growth allows the company to pursue its growth plans and maintain its strong market position. East African Breweries Limited – Weaknesses Geographical Concentration Though the company has strong presence in the Kenya, it lacks presence in other high potential regions of the world. With its competitors already having diversified operations, the company is at a major disadvantage as the sales from other regions add new avenues of income for the competitors. With over 80% of its revenues being derived from Kenyan market, the company is at a risk as any political, economic or climatic change might have an adverse impact on the company’s business. It also restricts its market share and growth options. East African Breweries Limited – Opportunities New Product Launches The company could benefit from the new product launches made during the fiscal year ended June 2010. EABL launched Blossom Hill Wine in Red and White in Kenya; Alvaro Passion Fruit in Kenya and Uganda; and Premium Serengeti Lager East African Breweries Limited __________________________________________________________________________________________ ___________________________________________________________________________________________ East African Breweries Limited – SWOT Profile Page 8 in Uganda. Further in 2009, it launched Guinness in a new design resembling the 300 ml Gucci bottle. These new product launches have helped increase the sales of high value added products. Thus innovation and new product launches will drive top-line growth and keep the company’s categories vital. Strategic Growth Initiatives Strategic acquisitions and expansion of facilities offer strong growth opportunities for the company, especially while foraying into new markets or launching new products or services. In February 2010, the company opened its new ultra modern brew house and bottling line at the Tusker Brewery in Nairobi, with a production capacity of 80,000 bottles per hour. In addition, the company installed a new 480 barrels per hour keg line in Kenya, which is instrumental to its growth and delivery strategy. Further, the company is planned to start a new packaging line in October 2010 with a capacity of 50,000 bottles per hour at the Uganda Breweries Limited (UBL) Plant in Kampala, Uganda. In July 2009, the company entered into a conditional agreement to acquire substantial interest in Tanzanian company, Serengeti Breweries Limited (SBL) from existing shareholders. SBL is Tanzania’s second largest brewer and the manufacturer of the Premium Serengeti Lager. In July 2010, the Tanzanian Fair Competition Commission approved the acquisition of a majority interest in SBL by the company. However, there are still certain major steps to be made before the acquisition is complete. This partnership with SBL will strengthen the company’s footprint in Tanzania. Strategic acquisitions and expansion of facilities offer strong growth opportunities for the company. Strategic acquisitions and expansion of facilities such as these provide a steady revenue source, apart from geographical expansion for the company. Rising Demand for Non Alcoholic Beverages The Non Alcoholic Beverage Market has been growing rapidly from the past few years. The non-alcoholic beverages sector covers all the soft drinks including still drinks, fruit drinks, carbonates, energy drinks and sports drinks. The major driver for this rising non-alcoholic market is health and wellness, owing to the volume of low calorie products which has increased by 50% in the past five years. Further, this non-alcoholic beverage market is considered to be USD 82 billion market. This market was driven by consumers’ inclination to decrease calories in their beverage intake. As a result, the major driver for the growth came from non-carbonated beverage segments such as bottled water, ready-to-drink tea and coffee, and sports and energy drinks. As the company is also engaged in offering various flavored tea, juices, energy drinks and water products, it can leverage the rising demand for non alcoholic beverages. East African Breweries Limited – Threats Changing Customer Spending Patterns The company’s performance may be impacted by the changing consumer spending pattern. With the changing economic conditions, the customer spending patterns have also been changing. The global economy is being affected by the increased interest rates, consumer debt levels, tax rates, consumer credit availability, unemployment trends and inflation rates. The changing economic conditions are affecting customers’ living standards and thereby could affect the company’s business. With the company’s core business being premium branded alcohol products, the changing customer spending patterns could pose a major challenge to the company. New Alcohol Law in Kenya EABL’s performance may be affected by the new Kenyan alcohol law. As per the law, brewers of previously banned traditional drinks, which include chang’aa, a clear liquor made from grain, will be permitted to operate freely. As EABL dominates the alcohol market in Kenya, the new Kenyan alcohol law may open up the market to competition, with domestic brewers springing up to capitalize on the legalization of traditional liquor. Further, the Alcoholic Drinks Control Bill also launched curtails on advertising and where the alcoholic drinks can be sold. Further, according to law the brewers are supported to publish health warnings on the risks of alcohol, comprising minimum 30% of the total surface area of a bottle’s label. East African Breweries Limited __________________________________________________________________________________________ ___________________________________________________________________________________________ East African Breweries Limited – SWOT Profile Page 9 East African Breweries Limited – Key Competitors The following companies are the major competitors of East African Breweries Limited: Nigerian Breweries Plc Accra Brewery Limited Zambian Breweries Plc Tanzania Breweries Limited Sechaba Brewery Holdings Limited East African Breweries Limited __________________________________________________________________________________________ ___________________________________________________________________________________________ East African Breweries Limited – SWOT Profile Page 10 East African Breweries Limited – Key Employees East African Breweries Limited, Key Employees Name Job Title Board Level Since Age Jeremiah G. Kiereini Chairman Executive Board 1988 81 Nick Blazquez Group Deputy Chairman Executive Board 2005 49 Evanson Mwaniki Director Non Executive Board 2000 72 Andrew S. Ndegwa Director Non Executive Board 2004 42 Wilfred Kiboro Director Non Executive Board 66 Richard Kemoli Director Non Executive Board 1996 75 Dr. Alan Shonubi Director Non Executive Board 2009 51 Constance Gakonyo Director Non Executive Board 2009 45 Peter Ndegwa Director – Finance Executive Board 2008 41 Seni Adetu Managing Director Executive Board 47 Agnes Murgor Secretary Senior Management 47 Gerald Githinji Director – Supply Chain Senior Management 2010 Ivo Buratovich Managing Director – Uganda Senior Management 2009 James Wambu Head of Sales UBL Senior Management 2008 Adam Kalume Head of Group Security Senior Management 2009 Jerry Wakhu Head-Market Development Senior Management 2010 Gabriel Olunga Head-Customer Services Kenya Senior Management James Mugo Group Business Development Manager Senior Management Baker Magunda Managing Director – Kenya Senior Management Josephat Ngile General Manager – EABL Glass Senior Management 2010 James Karegi Director – Supply Senior Management 2010 East African Breweries Limited __________________________________________________________________________________________ ___________________________________________________________________________________________ East African Breweries Limited – SWOT Profile Page 11 Ken Kariuki Director – Corporate Affairs Senior Management 2005 Alban Mnyika Mwendar Director – Human Resources Senior Management 2004 Patriciah Ithau Managing Director – EABLi Senior Management 2008 Debra Mallowah Director – Marketing Senior Management 2010 Joseph Mureithi Head-Audit & Risk Senior Management Peter Cege Director – Operations Senior Management 2006 Eva Wangui Head-Finance Venture Senior Management 2009 Bernadette Mutuku Head of Finance, Uganda Breweries Limited Senior Management 2006 Aristide Nkoumondo Head-Procurement Senior Management Scott Mackinlay Head-Compliance Senior Management Source: Annual Report, Company Website, Primary and Secondary Research East African Breweries Limited __________________________________________________________________________________________ ___________________________________________________________________________________________ East African Breweries Limited – SWOT Profile Page 12 East African Breweries Limited – Key Employee Biographies East African Breweries Limited, Key Employee Biographies Jeremiah G. Kiereini Job Title : Chairman Board Level : Executive Board Since : 1988 Age : 81 Mr. Kiereini has been the Chairman of the company since 1988. Prior to this, he held various responsible positions in Kenya Civil Service for 30 years by culminating his appointment as the Chief Secretary, Head of Civil Service and the Secretary to the cabinet. Currently, he is a member of many boards which include Unga Group Limited, CMC Holdings group of companies, CFC/Stanbic Bank Limited, Heritage Insurance Company and CFC Life Insurance Company. Source: Annual Report, Company Website, Primary and Secondary Research East African Breweries Limited __________________________________________________________________________________________ ___________________________________________________________________________________________ East African Breweries Limited – SWOT Profile Page 13 East African Breweries Limited – Company Statement A statement by Mr. Jeremiah Kiereini, the Chairman of East African Breweries Limited is given below. The following statement has been taken from the company’s 2010 annual report. What a difference a year makes! At this time last year our business was facing immense challenges from the global economic downturn, post-election violence in Kenya and severe drought in the East African region. This year has seen our business perform exceptionally well, particularly in the second half of the 2010 financial year. The World Cup in South Africa created a reason to celebrate across the globe, and here in Kenya the celebration was greatly enhanced with the enjoyment by our consumers of our renowned brands. This year in February, we were honoured with the presence of the H.E President of the Republic of Kenya Mwai Kibaki, for the official opening of EABL’s new ultra modern brew house and bottling line at the Tusker Brewery in Nairobi, with a production capacity of 80,000 bottles per hour. Additionally, the installation of a new 480 barrels per hour keg line is instrumental to our growth and delivery strategy, whilst a new 250 ml packaging stream is set to expand our spirits business. Our goal is flawless product supply aided by supply chain optimisation, coupled with a competitive, world-class Cost of Goods Sold agenda. One of our proudest achievements for the year was the arrangement to acquire a majority interest in Serengeti Breweries Limited (SBL). As Tanzania’s second-largest brewer, SBL produces the popular Premium Serengeti Lager. We look forward to combining our mutual resources and expertise to ensure the delivery of greater service to our customers and contributing positively to communities. We also continue to expand our frontiers, and now have strong presence into Southern Sudan, Rwanda and Burundi, and many of our Brands are now available in these markets. Improved rainfall in Kenya and Uganda helped boost barley production in the second half of the year for our malt business. We are currently carrying out research to develop more successful varieties. The Malting plant is undergoing a refurbishment to improve efficiency and guarantee malt quality. A sorghum growing programme was launched in August in Kenya and Uganda. The growing relationship we have with sorghum farmers is intended to be of mutual benefit in these two markets. Central Glass performed exceptionally well during the

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