Kakuzi Ld Half-year Report (1904N)

TIDMKAKU

RNS Number : 1904N

Kakuzi Ld

07 August 2017

 
                  KAKUZI PLC 
 
 
 EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS 
 FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2017 
 
  The unaudited results for the Kakuzi Group 
 for the period of six months to 30 June 2017 
 and the comparative figures for the previous 
             year are as follows: 
 
 
      Condensed Consolidated Statement of Comprehensive 
                            Income 
 
                                                      Restated 
                                         30 June       30 June 
                                            2017          2016 
                                         Shs'000       Shs'000 
 
 Sales                                   547,277       437,347 
                                       =========   =========== 
 
 Profit before fair value 
  gain in biological assets 
  and income tax                          85,462        44,523 
 Fair value gain in biological 
  assets                                  20,000        19,054 
 Profit before income tax                105,462        63,577 
 Income tax expense                      (32,259)      (18,189) 
                                       ---------   ----------- 
 
 Profit for the period                    73,203        45,388 
 
 Other Comprehensive Income                    -             - 
 Total comprehensive income               73,203        45,388 
                                       =========   =========== 
 
 Total comprehensive income 
  attributable to 
 equity holders of the company:           73,203        45,388 
                                       =========   =========== 
 
                                             Shs           Shs 
 Earnings per share attributable 
  to equity holders of the 
  company: 
 Basic and diluted earnings 
  per ordinary share                        3.73          2.32 
 
 
        Condensed Consolidated Statement of Financial 
                           Position 
                                        Restated 
                             30 June     30 June   31 December 
                                2017        2016          2016 
                             Shs'000     Shs'000       Shs'000 
 
 EQUITY 
 Share capital                98,000      98,000        98,000 
 Other reserves               14,872       8,936        14,872 
 Retained earnings         3,688,989   3,216,349     3,615,786 
 Proposed dividends                -           -       117,600 
                           ---------   ---------   ----------- 
 Total equity              3,801,861   3,323,285     3,846,258 
 Non-current liabilities     836,733     734,181       801,418 
                           ---------   ---------   ----------- 
                           4,638,594   4,057,466     4,647,676 
                           =========   =========   =========== 
 REPRESENTED BY 
 Non-current assets        3,037,497   2,906,372     3,015,067 
                           ---------   ---------   ----------- 
 
 Current assets              884,675     766,713       618,771 
 Cash and cash balances    1,143,772     731,663     1,430,576 
 Current liabilities        (427,350  ) (347,282)     (416,738) 
 Net current assets        1,601,097   1,151,094     1,632,609 
                           4,638,594   4,057,466     4,647,676 
                           =========   =========   =========== 
 
 
 
Overview: 
 
 The above is an extract from the interim financial 
 statements which have been prepared in accordance 
 with the International Financial Reporting 
 Standards (IFRS). 
 
 The profit before tax for the period to 30 
 June 2017 was KSh105.5 million compared to 
 a restated profit of KSh63.6 million for the 
 same period last year. The 2016 half year profits 
 have been restated due to changes in the Accounting 
 Standards. 
 During the period under review, tea profits 
 were depressed due to lower volumes partly 
 offset by better prices arising from dry weather 
 conditions in quarter one. Avocado results 
 are in line with last year's performance whilst 
 macadamia results are affected by lower than 
 expected yields. 
 It is difficult, at present, to predict financial 
 performance for the year with erratic supply 
 and demand, climatic conditions together with 
 exchange rates to contend with. 
 
 The Directors do not recommend the payment 
 of an Interim Dividend. 
 
 BY ORDER OF THE BOARD 
 
 G H MCLEAN 
 CHAIRMAN 
 04 August 2017 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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August 07, 2017 02:00 ET (06:00 GMT)