KAKUZI LD

Earnings Release • Aug 19, 2020

National Storage Mechanism | Additional information

RNS Number : 4947W

Kakuzi Ld

19 August 2020

KAKUZI PLC

EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2020

The unaudited results for the Kakuzi Group for the period of six months to 30 June 2020 and the comparative figures for the previous year are as follows:    

Condensed Consolidated Statement of Profit or Loss and other Comprehensive Income
			30 June 2020		30 June 2019
			Shs'000		Shs'000
Sales			889,909		619,463
Profit before fair value gain in non-current biological assets and income tax			186,022		334,857
Fair value gain in non-current biological assets			18,095		20,225
Profit before income tax			204,117		355,082
Income tax credit/(expense)			68,670		(109,501	)
Profit for the period			272,787		245,581
Other Comprehensive Income:
Items that are not reclassified to profit or loss:
Remeasurement of post-employment benefit obligations (net of tax)			-		-
Total comprehensive income			272,787		245,581
			Shs		Shs
Earnings per share (Shs):
Basic and diluted earnings per ordinary share			13.92		12.53

Condensed Consolidated Statement of Cash flows
			30 June 2020		30 June 2019
			Shs'000		Shs'000
Cash and cash equivalents at the beginning of the year			1,696,130		1,500,935
Net cash used in operating activities			(226,022	)	(86,944	)
Net cash used in investing activities			(195,489	)	(235,314	)
Net cash used in financing activities			(274,413	)	(176,400	)
Effect of exchange rate differences on cash and cash equivalents			12,856		1,911
Decrease in cash and cash equivalents			(683,068	)	(496,747	)
Cash and cash equivalents at the end of the year			1,013,062		1,004,188

Condensed Consolidated Statement of Financial Position
									Audited
					30 June 2020		30 June 2019		31 December 2019
					Shs'000		Shs'000		Shs'000
EQUITY
Share capital					98,000		98,000		98,000
Other reserves					31,463		19,653		31,463
Retained earnings					5,087,249		4,621,004		4,814,462
Proposed dividends					-		-		274,400
Total equity					5,216,712		4,738,657		5,218,325
Non-current liabilities					914,503		972,478		1,007,047
					6,131,215		5,711,135		6,225,372
REPRESENTED BY
Non-current assets					3,920,666		3,745,481		3,868,015
Current assets					1,568,992		1,371,745		896,890
Cash and cash balances					1,013,062		1,004,188		1,696,130
Current liabilities					(371,505	)	(410,279	)	(235,663	)
Net current assets					2,210,549		1,965,654		2,357,357
					6,131,215		5,711,135		6,225,372

Condensed Consolidated Statement of Changes in Equity
	Share capital		Other reserves		Retained earnings		Proposed dividends		Total Equity
	Shs'000		Shs'000		Shs'000		Shs'000		Shs'000
At start of the year	98,000		31,463		4,814,462		274,400		5,218,325
Profit for the period	-		-		272,787		-		272,787
Dividends paid	-		-		-		(274,400	)	(274,400	)
At end of period	98,000		31,463		5,087,249		-		5,216,712

RESULTS:

The profit before tax for the period to June 2020 was KSh 204.1 million compared to a profit of KSh 355.1 million for the same period last year. This is principally due to a financial provision write back in 2019.

During the first half of the year, avocado profits are on a par with 2019, macadamia profits are greater, and our tea operations made an operating loss of KSh 11.3 million compared to a loss of KSh 1.1 million in 2019.

The profit after tax for the period to 30 June 2020 was KSh 272.8 million compared to a profit of KSh 245.5 million for the same period last year. This is principally due to the release of deferred tax provision in view of the reduction of the Corporate tax rate to 25% from 30% by the Government.

The Directors do not recommend the payment of an interim dividend.

BY ORDER OF THE BOARD

G H MCLEAN

CHAIRMAN                                                                                                             

18 AUGUST 2020                   

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