KAKUZI LD

Earnings Release • Aug 19, 2022

National Storage Mechanism | Additional information

RNS Number : 5175W

Kakuzi Ld

19 August 2022

KAKUZI PLC

EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2022

The unaudited results for the Kakuzi Group for the period of six months to 30 June 2022 and the comparative figures for the previous year are as follows:

Condensed Consolidated Statement of Profit or Loss and other Comprehensive Income
			30 June 2022		30 June 2021
			Shs'000		Shs'000
Sales			1,026,492		888,949
Profit before fair value gain in non-current biological assets and income tax			471,842		256,094
Fair value gain in non-current biological assets			22,826		20,569
Profit before income tax			494,668		276,663
Income tax (expense)/credit			(153,398	)	(82,025	)
Profit for the period			341,270		194,638
Other Comprehensive Income:
Items that are not reclassified to profit or loss:
Remeasurement of post-employment benefit obligations (net of tax)			-		-
Total comprehensive income			341,270		194,638
			Shs		Shs
Earnings per share (Shs):
Basic and diluted earnings per ordinary share			17.41		9.93

Condensed Consolidated Statement of Financial Position
									Audited
					30 June 2022		30 June 2021		31 December 2021
					Shs'000		Shs'000		Shs'000
EQUITY
Share capital					98,000		98,000		98,000
Other reserves					37,991		31,953		37,991
Retained earnings					5,313,502		5,278,334		4,972,232
Proposed dividends					-		-		431,200
Total equity					5,449,493		5,408,287		5,539,423
Non-current liabilities					1,098,845		1,082,661		1,070,957
					6,548,338		6,490,948		6,610,380
REPRESENTED BY
Non-current assets					3,999,063		3,919,268		3,929,196
Cash and cash balances					840,966		1,198,311		1,656,219
Other current assets					2,259,249		1,798,417		1,302,056
Current liabilities					(550,940	)	(425,048	)	(277,091	)
Net current assets					2,549,275		2,571,680		2,581,184
					6,548,338		6,490,948		6,610,380

Condensed Consolidated Statement of Cash flows
			30 June 2022		30 June 2021
			Shs'000		Shs'000
Cash and cash equivalents at the beginning of the period			1,656,219		1,670,124
Net cash used in operating activities			(188,424	)	(17,917	)
Net cash used in investing activities			(225,311	)	(82,021	)
Net cash used in financing activities			(431,201	)	(352,803	)
Effect of exchange rate differences on cash and cash equivalents			29,683		(19,072	)
Decrease in cash and cash equivalents			(815,253	)	(471,813	)
Cash and cash equivalents at the end of the period			840,966		1,198,311

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 period	98,000		37,991		4,972,232		431,200		5,539,423
Profit for the period	-		-		341,270		-		341,270
Dividends paid	-		-		-		(431,200	)	(431,200	)
At end of period	98,000		37,991		5,313,502		-		5,449,493

KEY HIGHLIGHTS

·      Strong bottom line growth. Pretax profit up 60% to Kshs 494.7 million

·      Anticipating higher avocado exports, this 'ON' year cropping cycle

·      Diversification strategy gains steam

·      Domestic sales for macadamia and blueberries as part of revenue stream diversification stepped up

·      All set for avocado exports to China  

TRADING PERFORMANCE

The half-year trading period for the financial year 2022 are in line with our expectations

We have maintained focus on the efficient production of quality products to fuel our revenue and profit growth.

Emerging from the suppressed trading results posted within the same period last year, our pretax profit for the half-year period has grown to Ksh 494.7 million, up from KSh 276.7 million posted within the same period last year.

Based on our current projections, we are optimistic that we will meet our production targets for the full-year trading period with enhanced efforts to progress our diversification strategies.

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

BY ORDER OF THE BOARD

NICHOLAS NG'ANG'A

CHAIRMAN                                                                                                             

18 AUGUST 2022

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