RNS Number : 5175W
Kakuzi Ld
19 August 2022
 

KAKUZI PLC

 

 

EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2022

The unaudited results for the Kakuzi Group for the period of six months to 30 June 2022 and the comparative figures for the previous year are as follows:

 

Condensed Consolidated Statement of Profit or Loss and other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

30 June 2022

 

30 June 2021

 

 

 

 

 

Shs'000

 

Shs'000

 

 

 








  Sales



1,026,492


888,949



 








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



471,842


256,094



  Fair value gain in non-current biological assets



22,826


20,569



 








  Profit before income tax



494,668


276,663



  Income tax (expense)/credit



(153,398

)

(82,025

)










  Profit for the period



341,270


194,638











  Other Comprehensive Income:








  Items that are not reclassified to profit or loss:








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



-


-



  Total comprehensive income



341,270


194,638











 



Shs

 

Shs

 

 

  Earnings per share (Shs):



 

 

 

 

 

  Basic and diluted earnings per ordinary share



17.41


9.93












Condensed Consolidated Statement of Financial Position

 

 

 

 

 

 

 

 

 

Audited

 

 

 

 

 

 

30 June 2022

 

30 June 2021

 

31 December 2021

 

 

 

 

 

 

Shs'000

 

Shs'000

 

Shs'000

 

  EQUITY











  Share capital





98,000


98,000


98,000


  Other reserves





37,991


31,953


37,991


  Retained earnings





5,313,502


5,278,334


4,972,232


  Proposed dividends





-


-


431,200


  Total equity





5,449,493


5,408,287


5,539,423


  Non-current liabilities





1,098,845


1,082,661


1,070,957







6,548,338


6,490,948


6,610,380


  REPRESENTED BY











  Non-current assets





3,999,063


3,919,268


3,929,196













  Cash and cash balances





840,966


1,198,311


1,656,219


  Other current assets





2,259,249


1,798,417


1,302,056


  Current liabilities





(550,940

)

(425,048

)

(277,091

)

  Net current assets





2,549,275


2,571,680


2,581,184







6,548,338


6,490,948


6,610,380













 

Condensed Consolidated Statement of Cash flows

 

 

 

 

 

 

 

 

 

 

 

 

 

30 June 2022

 

30 June 2021

 

 

 

 

 

Shs'000

 

Shs'000

 

 

 








  Cash and cash equivalents at the beginning of the period



1,656,219


1,670,124



 








  Net cash used in operating activities



(188,424

)

(17,917

)


  Net cash used in investing activities



(225,311

)

(82,021

)


  Net cash used in financing activities



(431,201

)

(352,803

)


  Effect of exchange rate differences on cash and cash equivalents



29,683


(19,072

)


  Decrease in cash and cash equivalents



(815,253

)

(471,813

)










  Cash and cash equivalents at the end of the period



840,966


1,198,311








 

 



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


37,991


4,972,232


431,200


5,539,423













  Profit for the period

-


-


341,270


-


341,270


  Dividends paid

-


-


-


(431,200

)

(431,200

)












 











  At end of period

98,000


37,991


5,313,502


-


5,449,493
























 

KEY HIGHLIGHTS

·      Strong bottom line growth. Pretax profit up 60% to Kshs 494.7 million

·      Anticipating higher avocado exports, this 'ON' year cropping cycle

·      Diversification strategy gains steam

·      Domestic sales for macadamia and blueberries as part of revenue stream diversification stepped up

·      All set for avocado exports to China  

 

TRADING PERFORMANCE

The half-year trading period for the financial year 2022 are in line with our expectations

We have maintained focus on the efficient production of quality products to fuel our revenue and profit growth.

Emerging from the suppressed trading results posted within the same period last year, our pretax profit for the half-year period has grown to Ksh 494.7 million, up from KSh 276.7 million posted within the same period last year.

Based on our current projections, we are optimistic that we will meet our production targets for the full-year trading period with enhanced efforts to progress our diversification strategies.

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

BY ORDER OF THE BOARD

NICHOLAS NG'ANG'A

CHAIRMAN                                                                                                             

18 AUGUST 2022

 

 

 


 

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