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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 : 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
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END
IR BUGDIBUDDGXS
(END) Dow Jones Newswires
August 25, 2023 02:00 ET (06:00 GMT)
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