KAKUZI LD

Earnings Release • Mar 20, 2024

National Storage Mechanism | Additional information

RNS Number : 5853H

Kakuzi Ld

20 March 2024

KAKUZI PLC

ANNOUNCEMENT OF GROUP RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
			31 December 2023		31 December 2022
			Shs'000		Shs'000
Sales			5,401,468		4,434,211
Profit before fair value gain in non-current biological assets and income tax			537,174		1,108,065
Fair value gain in non-current biological assets			126,808		113,559
Profit before income tax			663,982		1,221,624
Income tax expense			(210,465	)	(375,820	)
Profit for the year			453,517		845,804
Other Comprehensive Income:
Items that are not reclassified to profit or loss:
Remeasurement of post-employment benefit obligations (net of tax)			2,114		(5,176	)
Total comprehensive income			455,631		840,628
			Shs		Shs
Earnings per share (Shs):
Basic and diluted earnings per ordinary share			23.14		43.15

Condensed Consolidated Statement of Financial Position
							31 December 2023		31 December 2022
							Shs'000		Shs'000
EQUITY
Share capital							98,000		98,000
Other reserves							34,929		32,815
Retained earnings							5,330,753		5,347,636
Proposed dividends							470,400		470,400
Total equity							5,934,082		5,948,851
Non-current liabilities							1,299,213		1,187,337
							7,233,295		7,136,188
REPRESENTED BY
Non-current assets							4,055,135		4,089,669
Current assets excluding cash and cash balances							2,152,846		1,983,022
Cash and bank balances							1,408,131		1,408,744
Current liabilities							(382,817	)	(345,247	)
Net current assets							3,178,160		3,046,519
							7,233,295		7,136,188

Condensed Consolidated Statement of Cash flows
			31 December 2023		31 December 2022
			Shs'000		Shs'000
Cash and cash equivalents at the beginning of the year			1,408,744		1,656,219
Net cash generated from operating activities			649,292		382,426
Net cash used in investing activities			(294,162	)	(281,012	)
Net cash used in financing activities			(470,400	)	(431,201	)
Net decrease in cash and cash equivalents			(115,270	)	(329,787	)
Net exchange gains on foreign currency cash & cash equivalent			114,657		82,312
Cash and cash equivalents at the end of the year			1,408,131		1,408,744

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
On 1.1.2023	98,000		32,815		5,347,636		470,400		5,948,851
Profit for the year	-		-		453,517		-		453,517
Other comprehensive income	-		2,114		-		-		2,114
Dividends - final paid for 2022	-		-		-		(470,400	)	(470,400	)
- proposed for 2023	-		-		(470,400	)	470,400		-
On 31.12.2023	98,000		34,929		5,330,753		470,400		5,934,082

OVERVIEW:

Your Company recorded a pre-tax profit of Ksh 664 Million (2022: Ksh 1,221.6 Million) . The pre-tax profit drop is mainly attributed to a Ksh 354 Million pre-tax loss from our macadamia operations (2022: Ksh 635 Million Profit) . However, the avocado operations performed well, recording a pre-tax profit of Ksh1.4 Billion (2022: Ksh 0.8 Billion) .

DIVIDEND:

Your Board recommends a dividend per share of Shs 24.00 compared to Shs 24.00 per share in 2022 . The dividend shall be paid on or about 15 June 2024 to the shareholders on the members' register at the close of business on Friday, 31 May 2024.

ANNUAL GENERAL MEETING:

The Annual General Meeting of the Company will be held in the Ballroom at Nairobi Serena Hotel, Nairobi on Tuesday, 14th May 2024 at 12.00 Noon

BY ORDER OF THE BOARD

NICHOLAS NG'ANG'A

CHAIRMAN                                                                                                             

19 MARCH 2024                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

INDEPENDENT AUDITORS' REPORT ON THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS TO THE SHAREHOLDERS OF KAKUZI PLC

Opinion

The accompanying condensed consolidated financial statements of Kakuzi Plc and its subsidiaries (the "Group"), which comprise the condensed consolidated statement of financial position as at 31 December 2023, and the condensed consolidated statement of profit or loss and other comprehensive income, the condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows for the year then ended, are derived from the audited financial statements of the Group for the year ended 31 December 2023.

In our opinion, the accompanying condensed consolidated financial statements are consistent, in all material respects, with the audited financial statements of the Group, in accordance with the requirements of the Capital Markets (Securities) (Public Offers, Listings and Disclosures) Regulation, 2002 (''the Regulations'') as applicable to summary financial statements

​ Condensed consolidated financial Statements

The condensed consolidated financial statements do not contain all the disclosures required by the International Financial Reporting Standards as applicable to annual financial statements. Reading the condensed consolidated financial statements and the auditors' report thereon, therefore, is not a substitute for reading the audited financial statements of the Group and the auditors' report thereon.

The audited financial statements and our report thereon

We expressed an unmodified audit opinion on the audited financial statements in our report dated 19 March 2024. That report also includes the communication of a key audit matter related to measurement of biological assets. Key audit matters are those matters that in our professional judgement were of most significance in our audit of the financial statements of the current period.

Auditors' responsibility

Our responsibility is to express an opinion on whether the condensed consolidated financial statements are consistent, in all material respects, with the audited financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810 (Revised), Engagements to Report on Summary Financial Statements.

The engagement partner responsible for the audit resulting in this independent auditor's report is CPA Fredrick Okwiri, Practicing Certificate No. 169

​ For and on behalf of Deloitte & Touche LLP

Certified Public Accountants

Deloitte Place,

Waiyaki Way, Muthangari

P.O Box 40092 - 00100,  Nairobi

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