RNS Number : 9270I
Kakuzi Ld
18 August 2021
 

KAKUZI PLC

 

 

EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2021

The unaudited results for the Kakuzi Group for the period of six months to 30 June 2021 and the comparative figures for the previous year are as follows:

 

 

Condensed Consolidated Statement of Profit or Loss and other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

30 June 2021

 

30 June 2020

 

 

 

 

 

Shs'000

 

Shs'000

 

 

 

 

 

 

 

 

 

 

  Sales

 

 

888,949

 

889,909

 

 

 

 

 

 

 

 

 

 

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

 

 

256,094

 

186,022

 

 

  Fair value gain in non-current biological assets

 

 

20,569

 

18,095

 

 

 

 

 

 

 

 

 

 

  Profit before income tax

 

 

276,663

 

204,117

 

 

  Income tax (expense)/credit

 

 

(82,025

)

68,670

 

 

 

 

 

 

 

 

 

 

  Profit for the period

 

 

194,638

 

272,787

 

 

 

 

 

 

 

 

 

 

  Other Comprehensive Income:

 

 

 

 

 

 

 

  Items that are not reclassified to profit or loss:

 

 

 

 

 

 

 

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

 

 

-

 

-

 

 

  Total comprehensive income

 

 

194,638

 

272,787

 

 

 

 

 

 

 

 

 

 

 

 

 

Shs

 

Shs

 

 

  Earnings per share (Shs):

 

 

 

 

 

 

 

  Basic and diluted earnings per ordinary share

 

 

9.93

 

13.92

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statement of Cash flows

 

 

 

 

 

 

 

 

 

 

 

 

 

30 June 2021

 

30 June 2020

 

 

 

 

 

Shs'000

 

Shs'000

 

 

 

 

 

 

 

 

 

 

  Cash and cash equivalents at the beginning of the period

 

 

1,670,124

 

1,696,130

 

 

 

 

 

 

 

 

 

 

  Net cash used in operating activities

 

 

(17,917

)

(226,022

)

 

  Net cash used in investing activities

 

 

(82,021

)

(195,489

)

 

  Net cash used in financing activities

 

 

(352,803

)

(274,413

)

 

  Effect of exchange rate differences on cash and cash equivalents

 

 

(19,072

)

12,856

 

 

  Decrease in cash and cash equivalents

 

 

(471,813

)

(683,068

)

 

 

 

 

 

 

 

 

 

  Cash and cash equivalents at the end of the period

 

 

1,198,311

 

1,013,062

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statement of Financial Position

 

 

 

 

 

 

 

 

 

Audited

 

 

 

 

 

 

30 June 2021

 

30 June 2020

 

31 December 2020

 

 

 

 

 

 

Shs'000

 

Shs'000

 

Shs'000

 

  EQUITY

 

 

 

 

 

 

 

 

 

 

  Share capital

 

 

 

 

98,000

 

98,000

 

98,000

 

  Other reserves

 

 

 

 

31,953

 

31,463

 

31,953

 

  Retained earnings

 

 

 

 

5,278,334

 

5,087,249

 

5,083,696

 

  Proposed dividends

 

 

 

 

-

 

-

 

352,800

 

  Total equity

 

 

 

 

5,408,287

 

5,216,712

 

5,566,449

 

  Non-current liabilities

 

 

 

 

1,082,661

 

914,503

 

1,080,470

 

 

 

 

 

 

6,490,948

 

6,131,215

 

6,646,919

 

  REPRESENTED BY

 

 

 

 

 

 

 

 

 

 

  Non-current assets

 

 

 

 

3,919,268

 

3,920,666

 

3,990,042

 

 

 

 

 

 

 

 

 

 

 

 

  Cash and cash balances

 

 

 

 

1,198,311

 

1,013,062

 

1,670,124

 

  Other current assets

 

 

 

 

1,798,417

 

1,568,992

 

1,246,650

 

  Current liabilities

 

 

 

 

(425,048

)

(371,505

)

(259,897

)

  Net current assets

 

 

 

 

2,571,680

 

2,210,549

 

2,656,877

 

 

 

 

 

 

6,490,948

 

6,131,215

 

6,646,919

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

31,953

 

5,083,696

 

352,800

 

5,566,449

 

 

 

 

 

 

 

 

 

 

 

 

  Profit for the period

-

 

-

 

194,638

 

-

 

194,638

 

  Dividends paid

-

 

-

 

-

 

(352,800

)

(352,800

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  At end of period

98,000

 

31,953

 

5,278,334

 

-

 

5,408,287

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RESULTS:

 

The profit before tax for the half-year period ending June 2021 was KSh 276.7 million compared to KSh 204.1 million posted within the same period last year.

 

The harvesting of our flagship products, avocado and macadamia, began in earnest in June. The preliminary production data available at this stage indicates that the avocado crop output to market is significantly lower than 2020, whilst the macadamia crop is in line with earlier projections.

 

We anticipate that the COVID-19 Pandemic will continue to disrupt the potential of our markets to absorb our produce to a certain degree for the rest of this year. This is due to the market slowdown associated with lockdown and related restrictions. At this stage, it is too early to predict the full impact of these developments on the Company's full year performance, but we continue to actively monitor

 

The Directors do not recommend the payment of an interim dividend.

 

BY ORDER OF THE BOARD

NICHOLAS NG'ANG'A

CHAIRMAN                                                                                                             

17 AUGUST 2021      

 

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