Source - LSE Regulatory
RNS Number : 1386B
Kakuzi Ld
21 August 2024
 

KAKUZI PLC

 

 

EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2024

The unaudited results for the Kakuzi Group for the period of six months to 30 June 2024 and the comparative figures for the previous year are as follows:

 

Condensed Consolidated Statement of Profit or Loss and other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30 June 2024

 

30 June 2023

 

 

 

 

 

Shs'000

 

Shs'000

 

 

 








  Sales



1,175,166


873,155



 








  Profit before fair value gain in non-current biological assets and income tax



485,583


149,528



  Fair value gain in non-current biological assets



21,509


21,591



 








  Profit before income tax



507,092


171,119



  Income tax expense



(159,581

)

(53,621

)










  Profit for the period



347,511


117,498











  Other Comprehensive Income:








  Items that are not reclassified to profit or loss:








  Remeasurement of post-employment benefit obligations (net of tax)



-


-



  Total comprehensive income



347,511


117,498











 



Shs

 

Shs

 

 

  Earnings per share (Shs):



 

 

 

 

 

  Basic and diluted earnings per ordinary share



17.73


5.99











 

Condensed Consolidated Statement of Financial Position

 

 

 

 

 

 

 

 

 

Audited

 

 

 

 

 

 

30 June 2024

 

30 June 2023

 

31 December 2023

 

 

 

 

 

 

Shs'000

 

Shs'000

 

Shs'000

 

  EQUITY











  Share capital





98,000


98,000


98,000


  Other reserves





34,929


32,815


34,929


  Retained earnings





5,678,264


5,465,134


5,330,753


  Proposed dividends





-


-


470,400


  Total equity





5,811,193


5,595,949


5,934,082


  Non-current liabilities





1,244,674


1,203,079


1,299,213







7,055,867


6,799,028


7,233,295


  REPRESENTED BY











  Non-current assets





3,986,091


4,097,646


4,055,135













  Cash assets excluding cash and bank balances

3,456,440


2,842,579


2,152,846


  Cash and bank balances





130,377


239,675


1,408,131


  Current liabilities





(517,041

)

(380,872

)

(382,817

)

  Net working capital





3,069,776


2,701,382


3,178,160







7,055,867,


6,799,028


7,233,295













 



 

Condensed Consolidated Statement of Cash flows

 

 

 

 

 

 

 

 

 

 

 

 

 

30 June 2024

 

30 June 2023

 

 

 

 

 

Shs'000

 

Shs'000

 

 

 








  Cash and cash equivalents at the beginning of the period



1,408,131


1,408,744



 








  Net cash used in operating activities



(536,131

)

(597,169

)


  Net cash used in investing activities



(107,891

)

(159,841

)


  Net cash used in financing activities



(470,400

)

(470,400

)


  Effect of exchange rate differences on cash and cash equivalents



(163,332

)

58,341



  Decrease in cash and cash equivalents



(1,277,754

)

(1,169,069

)










  Cash and cash equivalents at the end of the period



130,377


239,675








 

 


 

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


34,929


5,330,753


470,400


5,934,082













  Profit for the period

-


-


347,511


-


347,511


  Dividends paid

-


-


-


(470,400

)

(470,400

)












 











  At end of period

98,000


34,929


5,678,264


-


5,811,193
























 

KEY HIGHLIGHTS

·  Avocado profits were Ksh 951 million, up 42% on the same period last year.

·  Macadamia markets are recovering from last year's slump. A profit of Ksh.32 million has been recorded against a loss of Ksh.329 million last year.

·  The diversification into an expanded range of value addition products, sold through our Kakuzi Farm Market and the Boran Barn has made a positive contribution to sales.

·  Pretax profit for half year is significantly higher than last year at Ksh.507 million.

·  Profits have been negatively impacted by a foreign exchange loss of Ksh.163million.

 

TRADING PERFORMANCE

The half-year trading period for the financial year 2024 has been positively impacted by a buoyant international avocado market, created predominantly by reduced global supply. Demand for macadamia nuts has returned to pre-COVID levels. Although macadamia prices have recovered some ground, they remain below pre-COVID levels. 

 

 

Our commitment to promoting responsibly grown Kenyan superfoods in both traditional and emerging markets is unwavering. Quality, traceability, and sustainability are our key drivers, and we are encouraged to see a growing customer base appreciating our value-added produce range of edible oil, fresh meats, roasted and coated macadamia nuts.

 

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

 

BY ORDER OF THE BOARD

 

NICHOLAS NG'ANG'A

CHAIRMAN                                                                                                                                                 

20 AUGUST 2024

 

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