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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Kakuzi Ld | LSE:KAKU | London | Ordinary Share | KE0000000281 | STK KES5 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 92.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
General Farms,primarily Crop | 5.4B | 453.52M | 23.1386 | 0.04 | 18.13M |
TIDMKAKU
RNS Number : 6353F
Kakuzi Ld
23 March 2022
KAKUZI PLC
ANNOUNCEMENT OF GROUP RESULTS FOR THE YEARED 31 DECEMBER 2021
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 31 December 31 December 2021 2020 Shs'000 Shs'000 Sales 3,296,414 3,608,941 =========== =========== Profit before fair value gain in non-current biological assets and income tax 333,435 789,719 Fair value gain in non-current biological assets 138,121 57,813 Profit before income tax 471,556 847,532 Income tax expense (151,820) (225,498) ----------- ----------- Profit for the year 319,736 622,034 Other Comprehensive Income: Items that are not reclassified to profit or loss: Remeasurement of post-employment benefit obligations (net of tax) 6,038 490 Total comprehensive income 325,774 622,524 =========== =========== Shs Shs Earnings per share (Shs): Basic and diluted earnings per ordinary share 16.31 31.74 Condensed Consolidated Statement of Cash flows 31 December 31 December 2021 2020 Shs'000 Shs'000 Cash and cash equivalents at the beginning of the year 1,670,124 1,696,130 ----------- ----------- Net cash generated from operating activities 556,796 541,255 Net cash used in investing activities (233,896) (358,206) Net cash used in financing activities (352,803) (274,413) Net exchange gains on foreign currency cash & cash equivalent 15,998 65,358 ----------- ----------- Decrease in cash and cash equivalents (13,905) (26,006) Cash and cash equivalents at the end of the year 1,656,219 1,670,124 =========== =========== Condensed Consolidated Statement of Financial Position 31 December 31 December 2021 2020 Shs'000 Shs'000 EQUITY Share capital 98,000 98,000 Other reserves 37,991 31,953 Retained earnings 4,972,232 5,083,696 Proposed dividends 431,200 352,800 ------------ ------------ Total equity 5,539,423 5,566,449 Non-current liabilities 1,070,957 1,080,470 ------------ ------------ 6,610,380 6,646,919 ============ ============ REPRESENTED BY Non-current assets 3,929,196 3,990,042 Current assets excluding cash and cash balances 1,302,056 1,246,650 Cash and bank balances 1,656,219 1,670,124 Current liabilities (277,091) (259,897) ------------ ------------ Net current assets 2,681,184 2,656,877 ------------ ------------ 6,610,380 6,646,919 ============ ============ Condensed Consolidated Statement of Changes in Equity Share Other Retained Proposed Total capital reserves earnings dividends Equity Shs'000 Shs'000 Shs'000 Shs'000 Shs'000 On 1.1.2021 98,000 31,953 5,083,696 352,800 5,566,449 Profit for the year - - 319,736 - 319,736 Other comprehensive income - 6,038 - - 6,038 Dividends - final paid for 2020 - - - (352,800) (352,800) - proposed for 2021 - - (431,200) 431,200 - -------- --------- --------- ---------- --------- On 31.12.2021 98,000 37,991 4,972,232 431,200 5,539,423
OVERVIEW:
The year saw the group post reduced earnings due to lower avocado production and prices. This was due to the avocado orchards entering their bi-annual offseason bearing cycle which results in a large crop of avocados in one year, followed by a small crop the following year. We, however, experienced greater earnings from macadamia sales during the year as a result of increased yields from our young orchards. Product diversification and value addition remain key investment areas to enhanced stakeholder value and our continued commitment to these is critical for the long term.
DIVID:
Your Board recommends an increase in the dividend per share to Shs 22.00 compared to Shs 18.00 per share in 2020 . The dividend shall be paid on or about 30 June 2022 to the shareholders on the members' register at the close of business on Tuesday, 31 May 2022.
ANNUAL GENERAL MEETING:
The Annual General Meeting of the Company will be held virtually on Tuesday, 17 May 2022 at 12.00 Noon.
BY ORDER OF THE BOARD
NICHOLAS NG'ANG'A
CHAIRMAN
22 MARCH 2022
Deloitte (--) Deloitte & Touche LLP
Deloitte Place
Waiyaki Way, Muthangari
P.O. Box 40092 - GPO 00100
Nairobi
Kenya
Tel: (+254 20) 423 0000 Cell: (+254 20) 0719 039 000
Dropping Zone No. 92
Email: admin@deloitte.co.ke
www.deloitte.com
INDEPENT AUDITORS' REPORT ON THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS TO THE SHAREHOLDERS OF KAKUZI PLC
Opinion
The accompanying condensed consolidated financial statements of Kakuzi Plc and its subsidiaries (the "Group"), which comprise the condensed consolidated statement of financial position as at 31 December 2021, the condensed consolidated statement of profit or loss and other comprehensive income, the condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows for the year then ended, are derived from the audited financial statements of the Group for the year ended 31 December 2021.
In our opinion, the accompanying condensed consolidated financial statements are consistent, in all material respects, with the audited financial statements of the Group, in accordance with the requirements of the Capital Markets (Securities) (Public Offers, Listings and Disclosures) Regulation, 2002 ("the Regulations") as applicable to summary financial statements.
Condensed consolidated financial Statements
The condensed consolidated financial statements do not contain all the disclosures required by the International Financial Reporting Standards as applicable to annual financial statements. Reading the condensed consolidated financial statements and the auditors' report thereon, therefore, is not a substitute for reading the audited financial statements of the Group and the auditors' report thereon.
The audited financial statements and our report thereon
We expressed an unmodified audit opinion on the audited financial statements in our report dated 22 March 2022. That report also includes the communication of a key audit matter related to measurement of biological assets. Key audit matters are those matters that in our professional judgement were of most significance in our audit of the financial statements of the current period.
Auditors' responsibility
Our responsibility is to express an opinion on whether the condensed consolidated financial statements are consistent, in all material respects, with the audited financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810 (Revised), Engagements to Report on Summary Financial Statements.
The engagement partner responsible for the audit resulting in this independent auditor's report is
FCPA Anne Muraya, Practicing Certificate No. 1697
For and on behalf of Deloitte & Touche LLP
Certified Public Accountants
Deloitte Place,
Waiyaki Way, Muthangari
P.O Box 40092 - 00100, Nairobi, Kenya
22 March 2022
Partners: D.M. Mbogho; A.N. Muraya; F. O. Aloo; J. Nyang'aya; B.W. Irungu; I. Karim; F. Okwiri; F.O Omondi; F. Mitambo; P. Seroney; D. Waweru; C Luo.
Deloitte & Touche, a partnership with registration No. 177912, converted to Deloitte & Touche LLP Registration No. LLP-A21DDP effective 14 June 2021
Associate of Deloitte Africa, a Member of Deloitte Touche Tohmatsu Limited
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END
FR SEMFDEEESEDD
(END) Dow Jones Newswires
March 23, 2022 03:00 ET (07:00 GMT)
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