KAKUZI PLC
ANNOUNCEMENT OF GROUP RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Condensed Consolidated
Statement of Profit or Loss and Other Comprehensive
Income
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31 December
2023
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31 December
2022
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Shs'000
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Shs'000
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Sales
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5,401,468
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4,434,211
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Profit before fair value gain
in non-current biological assets and income tax
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537,174
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1,108,065
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Fair value gain in
non-current biological assets
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126,808
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113,559
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Profit before income tax
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663,982
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1,221,624
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Income tax expense
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(210,465
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(375,820
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Profit for the year
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453,517
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845,804
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Other Comprehensive
Income:
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Items that are not reclassified to profit or
loss:
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Remeasurement of
post-employment benefit obligations (net of tax)
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2,114
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(5,176
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)
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Total comprehensive income
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455,631
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840,628
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Shs
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Shs
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Earnings per share (Shs):
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Basic and diluted earnings
per ordinary share
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23.14
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43.15
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Condensed Consolidated
Statement of Financial Position
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31 December
2023
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31 December
2022
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Shs'000
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Shs'000
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EQUITY
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Share capital
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98,000
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98,000
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Other reserves
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34,929
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32,815
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Retained earnings
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5,330,753
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5,347,636
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Proposed dividends
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470,400
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470,400
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Total equity
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5,934,082
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5,948,851
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Non-current
liabilities
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1,299,213
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1,187,337
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7,233,295
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7,136,188
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REPRESENTED BY
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Non-current assets
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4,055,135
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4,089,669
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Current assets excluding cash
and cash balances
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2,152,846
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1,983,022
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Cash and bank
balances
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1,408,131
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1,408,744
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Current
liabilities
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(382,817
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(345,247
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Net current assets
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3,178,160
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3,046,519
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7,233,295
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7,136,188
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Condensed Consolidated
Statement of Cash flows
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31 December
2023
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31 December
2022
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Shs'000
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Shs'000
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Cash and cash equivalents at the beginning of the
year
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1,408,744
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1,656,219
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Net cash generated from
operating activities
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649,292
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382,426
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Net cash used in investing
activities
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(294,162
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(281,012
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Net cash used in financing
activities
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(470,400
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(431,201
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Net decrease in cash and cash
equivalents
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(115,270
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(329,787
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Net exchange gains on foreign
currency cash & cash equivalent
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114,657
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82,312
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Cash and cash equivalents at the end of the
year
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1,408,131
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1,408,744
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Condensed Consolidated
Statement of Changes in Equity
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Share
capital
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Other
reserves
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Retained
earnings
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Proposed
dividends
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Total
Equity
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Shs'000
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Shs'000
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Shs'000
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Shs'000
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Shs'000
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On 1.1.2023
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98,000
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32,815
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5,347,636
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470,400
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5,948,851
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Profit for the
year
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-
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-
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453,517
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-
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453,517
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Other comprehensive
income
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2,114
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-
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-
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2,114
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Dividends - final paid for
2022
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-
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-
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-
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(470,400
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(470,400
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- proposed for 2023
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-
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-
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(470,400
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470,400
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-
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On 31.12.2023
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98,000
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34,929
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5,330,753
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470,400
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5,934,082
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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
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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