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SASN — Sasini Plc

Graham's number is √(22.5 × EPS × BVPS): a P/E ceiling of 15 times a P/B ceiling of 1.5, applied to one year's earnings and book value. The Graham number primer works through it. It is a computation, not a recommendation.

Tests: Graham's criteria for industrial companies. Sasini grows and trades coffee, tea, avocado and macadamia and sells branded products, so Graham's industrial tests apply: sales for size, and the current ratio and long-term debt against working capital for strength. Its financial year runs to 30 September. Figures are the group's, and earnings and book value are the amounts attributable to the owners of the company, over the 228,055,000 ordinary shares of KShs 1 each in issue. The profile holds one year: the year to 30 September 2026 had not ended when this was drafted, and Sasini published no half-year results for the six months to 31 March 2026, the most recent interim on its own downloads page being the half year to 31 March 2025.

year to 30 Sep 2025

Showing FY2025

√(22.5 × 0.85 × 91.61) = 41.86

The Graham number for FY2025, from that year's EPS and BVPS. Tap a figure below for its source and date.

Discount to Graham number: +52.8% at the results-day price of 19.75. Positive means the price was below the Graham number; negative means above.

The figures

Per share (KES)

Earnings (EPS)
0.85

basic and diluted as printed (2024: 2.42 loss), a return to profit. Profit attributable to owners of the company 192,082k, after a loss of 4,074k attributable to non-controlling interests; profit from continuing operations was 177,321k and discontinued operations added 10,687k. Profit attributable divided by the 228,055,000 shares in issue gives 0.84, so the printed 0.85 rests on a slightly different weighted average · basic · Announcement of results for the year ended 30th September 2025 (audited), statement of comprehensive income · 12 Jan 2026

Book value (BVPS)
91.61

share capital 228,055k and reserves 20,663,588k; excludes the non-controlling interest of 515,586k, so total equity is higher at 21,407,229k · attributable · computed: equity attributable to owners 20,891,643k ÷ 228,055,000 shares, Announcement of results for the year ended 30th September 2025 (audited), statement of financial position and the issued share line on the statement of comprehensive income · 12 Jan 2026

Dividend (DPS)
0.00

in view of the results the directors did not recommend the payment of a dividend · Announcement of results for the year ended 30th September 2025 (audited), commentary, dividend · 12 Jan 2026

Price on results day
19.75

NSE daily price list VWAP, the exchange's official end-of-day price, on 30,111 shares. The chairman and group managing director signed the announcement on 9 Jan 2026, a Friday, and the PDF was created that evening at 20:37, after the 15:00 close, so the first trading day after that is used · NSE daily price list 2026-01-12, p.1 (agricultural section) · 12 Jan 2026

Size and balance sheet (KES m)

Revenue
8,440.5

group revenue of 8,440,492k, up 22.4% from 6,893,826k, driven by the coffee trading unit; Nairobi Coffee Exchange price realisations averaged USD 6.19/kg against USD 4.65/kg. Tea faced a market depression and avocado volumes were hit by the Suez Canal closure · Announcement of results for the year ended 30th September 2025 (audited), statement of comprehensive income and commentary · 12 Jan 2026

Current assets
7,719.5

includes 3,776,920k of assets held for sale — one of the coffee divisions earmarked for disposal — alongside trade and other receivables 1,865,553k, inventories 1,151,462k, cash and bank 559,177k, biological assets 330,018k, current income tax recoverable 32,794k and short-term deposits 3,583k · Announcement of results for the year ended 30th September 2025 (audited), statement of financial position · 12 Jan 2026

Current liabilities
1,063.7

trade and other payables 521,665k, borrowings 498,100k, current income tax payable 19,336k, post-employment benefits 13,852k and the current lease liability 10,738k · Announcement of results for the year ended 30th September 2025 (audited), statement of financial position · 12 Jan 2026

Long-term debt
28.1

the non-current lease liability of 28,099k, the only borrowing in the non-current block; all of the group's 498,100k of borrowings sit in current liabilities. The rest of the 3,461,979k non-current block is the deferred tax liability 3,251,768k and post-employment benefits 182,112k · Announcement of results for the year ended 30th September 2025 (audited), statement of financial position · 12 Jan 2026

KES per US$
128.98

CBK daily exchange rates (mean) · 12 Jan 2026

Computed

EPS, three-year average
Not compiled
P/E on three-year EPS
Not compiled
P/B
0.22

computed: price ÷ BVPS · 12 Jan 2026

Dividend yield
0.0%

computed: DPS ÷ price · 12 Jan 2026

Current ratio
7.26

computed: current assets ÷ current liabilities · 12 Jan 2026

Price ÷ Graham number
0.47×

computed: price ÷ Graham number · 12 Jan 2026

Discount to Graham number
+52.8%

computed: (Graham number − price) ÷ Graham number · 12 Jan 2026

Graham's tests

  1. Adequate size

    Revenue of at least US$100m

    Not met
  2. Financial strength

    Current ratio of at least 2; long-term debt no more than working capital

    Met
  3. Earnings stability

    Positive EPS in each of the past 10 years

    No result: data not compiled
  4. Dividend record

    A dividend paid in each of the past 20 years

    Not met
  5. Earnings growth

    EPS up at least one-third over 10 years, on three-year averages

    No result: data not compiled
  6. Moderate P/E

    Price no more than 15 × three-year average EPS

    No result: data not compiled
  7. Moderate P/B

    Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5

    Met

Sources and notes

  • Earnings (EPS): basic · Announcement of results for the year ended 30th September 2025 (audited), statement of comprehensive income · 12 Jan 2026 (basic and diluted as printed (2024: 2.42 loss), a return to profit. Profit attributable to owners of the company 192,082k, after a loss of 4,074k attributable to non-controlling interests; profit from continuing operations was 177,321k and discontinued operations added 10,687k. Profit attributable divided by the 228,055,000 shares in issue gives 0.84, so the printed 0.85 rests on a slightly different weighted average)
  • Book value (BVPS): attributable · computed: equity attributable to owners 20,891,643k ÷ 228,055,000 shares, Announcement of results for the year ended 30th September 2025 (audited), statement of financial position and the issued share line on the statement of comprehensive income · 12 Jan 2026 (share capital 228,055k and reserves 20,663,588k; excludes the non-controlling interest of 515,586k, so total equity is higher at 21,407,229k)
  • Dividend (DPS): Announcement of results for the year ended 30th September 2025 (audited), commentary, dividend · 12 Jan 2026 (in view of the results the directors did not recommend the payment of a dividend)
  • Price on results day: NSE daily price list 2026-01-12, p.1 (agricultural section) · 12 Jan 2026 (NSE daily price list VWAP, the exchange's official end-of-day price, on 30,111 shares. The chairman and group managing director signed the announcement on 9 Jan 2026, a Friday, and the PDF was created that evening at 20:37, after the 15:00 close, so the first trading day after that is used)
  • Revenue: Announcement of results for the year ended 30th September 2025 (audited), statement of comprehensive income and commentary · 12 Jan 2026 (group revenue of 8,440,492k, up 22.4% from 6,893,826k, driven by the coffee trading unit; Nairobi Coffee Exchange price realisations averaged USD 6.19/kg against USD 4.65/kg. Tea faced a market depression and avocado volumes were hit by the Suez Canal closure)
  • Current assets: Announcement of results for the year ended 30th September 2025 (audited), statement of financial position · 12 Jan 2026 (includes 3,776,920k of assets held for sale — one of the coffee divisions earmarked for disposal — alongside trade and other receivables 1,865,553k, inventories 1,151,462k, cash and bank 559,177k, biological assets 330,018k, current income tax recoverable 32,794k and short-term deposits 3,583k)
  • Current liabilities: Announcement of results for the year ended 30th September 2025 (audited), statement of financial position · 12 Jan 2026 (trade and other payables 521,665k, borrowings 498,100k, current income tax payable 19,336k, post-employment benefits 13,852k and the current lease liability 10,738k)
  • Long-term debt: Announcement of results for the year ended 30th September 2025 (audited), statement of financial position · 12 Jan 2026 (the non-current lease liability of 28,099k, the only borrowing in the non-current block; all of the group's 498,100k of borrowings sit in current liabilities. The rest of the 3,461,979k non-current block is the deferred tax liability 3,251,768k and post-employment benefits 182,112k)
  • KES per US$: CBK daily exchange rates (mean) · 12 Jan 2026

Disclaimer: This profile is published for educational purposes only and does not constitute financial advice. It presents reported company data and arithmetic derived from it — not a recommendation to buy, hold or sell. Investing in securities involves risk, including the possible loss of principal. Readers should conduct their own research and consult with a qualified financial advisor before making investment decisions.

Profile compiled 2026-09-25 from Sasini announcement of results for the year ended 30th September 2025 (audited), based on the consolidated financial statements audited by KPMG Kenya and signed by the chairman and group managing director on 9 Jan 2026 (sasini.co.ke), with NSE daily price lists (nse.co.ke) and CBK daily exchange rates (centralbank.go.ke); primary sources only.