Kakuzi Ld Half-year Report (9270I)

TIDMKAKU

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   30 June 
                                           2021      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     30 June 
                                                2021        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     30 June   31 December 
                                  2021        2020          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      Other   Retained    Proposed       Total 
                     capital   reserves   earnings   dividends      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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August 18, 2021 02:00 ET (06:00 GMT)