KAKUZI LD

Earnings Release • Aug 20, 2025

National Storage Mechanism | Additional information

RNS Number : 0554W

Kakuzi Ld

20 August 2025

Condensed Consolidated Statement of Profit or Loss and other Comprehensive Income
			30 June 2025		30 June 2024
			Shs'000		Shs'000
Sales			1,511,260		1,175,166
Profit before fair value gain in non-current biological assets and income tax			409,666		485,583
Fair value gain in non-current biological assets			25,579		21,509
Profit before income tax			435,245		507,092
Income tax expense			(139,707	)	(159,581	)
Profit for the period			295,538		347,511
Other Comprehensive Income			-		-
Total comprehensive income			295,538		347,511
			Shs		Shs
Earnings per share (Shs):
Basic and diluted earnings per ordinary share			15.08		17.73

Condensed Consolidated Statement of Financial Position
									Audited
					30 June 2025		30 June 2024		31 Dec 2024
					Shs'000		Shs'000		Shs'000
EQUITY
Share capital					98,000		98,000		98,000
Other reserves					36,251		34,929		36,251
Retained earnings					5,337,797		5,678,264		5,042,259
Proposed dividends					-		-		156,800
Total equity					5,472,048		5,811,193		5,333,310
Non-current liabilities					1,303,861		1,244,674		1,267,964
					6,775,909		7,055,867		6,601,274
REPRESENTED BY
Non-current assets					4,054,964		3,986,091		4,157,742
Cash assets excluding cash and bank     balances					2,243,123		3,456,440		1,651,215
Cash and bank balances					890,293		130,377		1,106,684
Current liabilities					(412,471	)	(517,041	)	(314,367	)
Net working capital					2,720,945		3,069,776		2,443,532
					6,775,909		7,055,867		6,601,274

Condensed Consolidated Statement of Cash flows
			30 June 2025		30 June 2024
			Shs'000		Shs'000
Cash and cash equivalents at the beginning of the period			1,106,684		1,408,131
Net cash used in operating activities			11,871		(536,131	)
Net cash used in investing activities			(67,603	)	(107,891	)
Net cash used in financing activities			(156,861	)	(470,400	)
Effect of exchange rate differences on cash and cash   equivalents			(3,798	)	(163,332	)
Decrease in cash and cash equivalents			(216,391	)	(1,277,754	)
Cash and cash equivalents at the end of the period			890,293		130,377

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
As at 1 January 2025	98,000		36,251		5,042,259		156,800		5,333,310
Profit for the period	-		-		295,538		-		295,538
Dividends paid	-		-		-		(156,800	)	(156,800	)
As at 30 June 2025	98,000		36,251		5,337,797		-		5,472,048

KEY HIGHLIGHTS

·  The global avocado markets are well supplied.  The half-year profit closed at Ksh 395 million compared to a half year profit of Ksh 951 million posted in 2024, primarily because of a lower crop valuation in 2025.

·  The global macadamia market continues to show further gains, recording a half-year profit of Ksh 319 million compared to Ksh 32 million posted for the same period last year.

·  Our blueberry production has increased in line with expectation.  This business venture is now profitable recording a half year profit of

Ksh 13 million compared to a Ksh 17 million loss for the same period last year. 

·  Our tea business recorded a half year loss of Ksh 27.5 million compared to a loss of Ksh 3.5 million last year, due to lower prices achieved.

Trading Performance

The year-to-date trading in our two core crops is in line with expectation.  The international avocado market has been well supplied, with price levels reflecting this situation.  Last year, the markets were undersupplied during the same period with a corresponding higher price.  To date, Kakuzi has exported its first Pinkerton crop, early-season Hass and began its main Hass export in June.  In total, 165 containers (801,840 cartons) of avocados have been exported primarily to European markets, which are also receiving fruit from Peru, South Africa and Columbia.

The macadamia market is buoyant and exhibiting strong demand. Pricing has reflected this sentiment with further gains over the period, compared to last year.  The half-year profits for macadamia have significantly improved, with 50% of the anticipated production already committed for sale. 

Our business growth and diversification plans are firmly anchored on positively contributing to the development and promotion of our County and Country.

The Directors do not recommend the payment of an Interim Dividend.

BY ORDER OF THE BOARD

NICHOLAS NG'ANG'A

CHAIRMAN                                               

19th AUGUST 2025

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