ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

KAKU Kakuzi Ld

92.50
0.00 (0.00%)
20 Jun 2024 - Closed
Delayed by 15 minutes
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

Kakuzi Ld Half-year Report (3899K)

25/08/2023 7:00am

UK Regulatory


Kakuzi Ld (LSE:KAKU)
Historical Stock Chart


From Jun 2023 to Jun 2024

Click Here for more Kakuzi Ld Charts.

TIDMKAKU

RNS Number : 3899K

Kakuzi Ld

25 August 2023

KAKUZI PLC

EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 202 3

The unaudited results for the Kakuzi Group for the period of six months to 30 June 202 3 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 
                                          2023        2022 
                                       Shs'000     Shs'000 
 
 Sales                                 873,155   1,026,492 
                                       =======   ========= 
 
 Profit before fair value gain 
  in non-current biological assets 
  and income tax                       149,528     471,842 
 Fair value gain in non-current 
  biological assets                     21,591      22,826 
 
 
 Profit before income tax              171,119     494,668 
 Income tax expense                    (53,621)   (153,398) 
                                       -------   --------- 
 
 Profit for the period                 117,498     341,270 
 
 Other Comprehensive Income: 
 Items that are not reclassified 
  to profit or loss: 
 Remeasurement of post-employment            -           - 
  benefit obligations (net of tax) 
 Total comprehensive income            117,498     341,270 
                                       =======   ========= 
 
                                           Shs         Shs 
 Earnings per share (Shs): 
 Basic and diluted earnings per 
  ordinary share                          5.99       17.41 
 
 
 
      Condensed Consolidated Statement of Financial Position 
                                                         Audited 
                               30 June     30 June   31 December 
                                  2023        2022          2022 
                               Shs'000     Shs'000       Shs'000 
 EQUITY 
 Share capital                  98,000      98,000        98,000 
 Other reserves                 32,815      37,991        32,815 
 Retained earnings           5,465,134   5,313,502     5,347,636 
 Proposed dividends                  -           -       470,400 
                            ----------   ---------   ----------- 
 Total equity                5,595,949   5,449,493     5,948,851 
 Non-current 
  liabilities                1,203,079   1,098,845     1,187,237 
                            ----------   ---------   ----------- 
                             6,799,028   6,548,338     7,136,188 
                            ==========   =========   =========== 
 REPRESENTED 
  BY 
 Non-current 
  assets                     4,097,646   3,999,063     4,089,669 
 
 Cash and cash 
  balances                     239,675     840,966     1,408,744 
 Other current 
  assets                     2,842,579   2,259,249     1,983,022 
 Current liabilities          (380,872)   (550,940)     (345,247) 
                            ----------   ---------   ----------- 
 Net current 
  assets                     2,701,382   2,549,275     3,046,519 
                            ----------   ---------   ----------- 
                             6,799,028   6,548,338     7,136,188 
                            ==========   =========   =========== 
 
 
 
         Condensed Consolidated Statement of Cash flows 
 
                                              30 June     30 June 
                                                 2023        2022 
                                              Shs'000     Shs'000 
 
 Cash and cash equivalents at 
  the beginning of the period               1,408,744   1,656,219 
                                           ----------   --------- 
 
 Net cash used in operating activities       (597,169)   (188,424) 
 Net cash used in investing activities       (159,841)   (225,311) 
 Net cash used in financing activities       (470,400)   (431,201) 
 Effect of exchange rate differences 
  on cash and cash equivalents                 58,341      29,683 
                                           ----------   --------- 
 Decrease in cash and cash equivalents     (1,169,069)   (815,253) 
 
 Cash and cash equivalents at 
  the end of the period                       239,675     840,966 
                                           ==========   ========= 
 
 
 
         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     32,815  5,347,636     470,400   5,948,851 
 
 Profit for the 
  period                   -          -    117,498           -     117,498 
 Dividends paid            -          -          -    (470,400)   (470,400) 
 
 
 At end of period     98,000     32,815  5,465,134           -   5,595,949 
 
 
 

KEY HIGHLIGHTS

-- Avocado profits have more than doubled in 2023 to Ksh 654.8 million, up from Ksh 288.6 million in 2022

-- Global Macadamia glut persists leading to a Kshs 329 million sectoral loss for the macadamia business

-- Recovery expected as Kakuzi Macadamia domestic market retail sales efforts doubled up to mitigate international market risks

-- Pretax profit down by 65% to Ksh 171.1 million from Kshs 494.7 million

-- Avocado exports to China up on last year.

TRADING PERFORMANCE

The half-year trading period for the financial year 2023 are in line with our expectations given the challenging macadamia markets. As highlighted at the Annual General Meeting, we expect the global macadamia glut situation to persist throughout the balance of 2023 financial year and may be into 2024.

In 2022 the half year profits for the macadamia business were posted at Ksh 339 million. This year the situation has reversed to a loss of Ksh (329) million. The disappointment is that in our biggest markets of China, Japan and the USA, the same quality macadamia nut kernels are now selling for less than half the price recorded during the same period last year even as production volumes from all source markets continue to grow.

We remain committed to a shared prosperity business model that prioritizes all our stakeholder needs. Growing our business in a sustainable manner, actively implementing our Kakuzi, Community Partnerships, answering the call for climate action and using best practices in all we do to promote our values remains our focus.

The Directors do not recommend the payment of an Interim Dividend.

BY ORDER OF THE BOARD

NICHOLAS NG'ANG'A

CHAIRMAN

24 AUGUST 2023

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

IR BUGDIBUDDGXS

(END) Dow Jones Newswires

August 25, 2023 02:00 ET (06:00 GMT)

1 Year Kakuzi Ld Chart

1 Year Kakuzi Ld Chart

1 Month Kakuzi Ld Chart

1 Month Kakuzi Ld Chart

Your Recent History

Delayed Upgrade Clock