Kakuzi Ld Half-year Report (5175W)

TIDMKAKU

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   30 June 
                                            2022      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     30 June   31 December 
                                  2022        2021          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     30 June 
                                                2022        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      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     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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August 19, 2022 02:00 ET (06:00 GMT)