Kakuzi Ld Half-year Report
August 21 2024 - 2:00AM
RNS Regulatory News
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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END
IR BDGDIISDDGSG
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