Kakuzi Ld Annual Financial Report (6336I)

TIDMKAKU

RNS Number : 6336I

Kakuzi Ld

23 March 2018

 
 
                             KAKUZI PLC 
         ANNOUNCEMENT OF GROUP RESULTS FOR THE YEAR ENDED 
                         31 DECEMBER 2017 
          Condensed consolidated statement of profit or 
                loss and other comprehensive income 
 
                                         31 December   31 December 
                                                2017          2016 
                                             Shs'000       Shs'000 
 
 Sales                                     2,823,926     2,651,199 
                                         ===========   =========== 
 
 Profit before fair value gain 
  in non-current biological assets 
  and income tax                             766,324       690,543 
 Fair value gain in non-current 
  biological assets                           82,799        67,236 
 
 Profit before income tax                    849,123       757,779 
 Income tax expense                         (257,480)     (195,354) 
                                         -----------   ----------- 
 
 Profit for the year                         591,643       562,425 
 
 Other comprehensive income: 
 Items that are not reclassified 
  to profit or loss: 
 Remeasurement of post employment 
  benefit obligations (net of 
  tax)                                         1,735         5,936 
 
 Total comprehensive income                  593,378       568,361 
                                         ===========   =========== 
 
 Earnings per share (Shs): 
 Basic and diluted earnings 
  per ordinary share                           30.19         28.70 
                                         ===========   =========== 
 
          Condensed Consolidated Statement of Financial 
                             Position 
                                         31 December   31 December 
                                                2017          2016 
                                             Shs'000       Shs'000 
 
 EQUITY 
 Share capital                                98,000        98,000 
 Other reserves                               16,607        14,872 
 Retained earnings                         4,070,229     3,615,786 
 Proposed dividends                          137,200       117,600 
                                         -----------   ----------- 
 Total equity                              4,322,036     3,846,258 
 Non-current liabilities                     807,190       801,418 
                                         -----------   ----------- 
                                           5,129,226     4,647,676 
                                         ===========   =========== 
 REPRESENTED BY 
 Non-current assets                        3,338,922     3,015,067 
                                         -----------   ----------- 
 
 Current assets                              758,455       618,771 
 Cash and bank balances                    1,648,749     1,430,576 
 Current liabilities                       (616,900)     (416,738) 
 Net current assets                        1,790,304     1,632,609 
                                           5,129,226     4,647,676 
                                         ===========   =========== 
 
 
 
 
 
    OVERVIEW: 
 
    The above is an extract from the financial statements 
    which have been prepared in accordance with the 
    International Financial Reporting Standards (IFRS) 
    and audited by Deloitte & Touche, Certified Public 
    Accountants of Kenya, and on which an unqualified 
    opinion has been issued. 
 
    A commendable set of results for 2017 showing 
    a pre-tax profit of Shs 849 million against Shs 
    758 million of last year. The earnings per ordinary 
    share increased from Shs 28.70 in 2016 to Shs 
    30.19 in 2017. The increase in profit is as a 
    result of continued market demand for Avocado 
    and Macadamia throughout the year. Profitability 
    within the Tea operations continued to reflect 
    the difficult trading conditions and significant 
    inflationary pressure on labour and other production 
    costs. 
 
    DIVIDEND: 
 
    The Directors recommend the payment of a first 
    and final dividend for the financial year 2017 
    of Shs 7.00 per ordinary share (2016: Shs 6.00) 
    subject to shareholders' approval. The dividend 
    shall be paid on or about 30 June 2018 to the 
    shareholders on the members' register at the close 
    of business on Thursday, 31 May 2018. 
 
    ANNUAL GENERAL MEETING: 
 
    The Annual General Meeting of the Company will 
    be held on Tuesday 15 May 2018 at 12.00 Noon at 
    Nairobi Serena Hotel. 
 
    BY ORDER OF THE BOARD 
 
    G H Mclean 
    Chairman 
    22 March 2018 
--------------------------------------------------------- 
 

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March 23, 2018 03:00 ET (07:00 GMT)