Half-year Report
Updated : 07:01
KAKUZI PLC
EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2024
The unaudited results for the Kakuzi Group for the period of six months to 30 June 2024 and the comparative figures for the previous year are as follows:
Condensed Consolidated Statement of Profit or Loss and other Comprehensive Income |
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| 30 June 2024 |
| 30 June 2023 |
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Sales | 1,175,166 | 873,155 | |||||
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Profit before fair value gain in non-current biological assets and income tax | 485,583 | 149,528 | |||||
Fair value gain in non-current biological assets | 21,509 | 21,591 | |||||
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Profit before income tax | 507,092 | 171,119 | |||||
Income tax expense | (159,581 | ) | (53,621 | ) | |||
Profit for the period | 347,511 | 117,498 | |||||
Other Comprehensive Income: | |||||||
Items that are not reclassified to profit or loss: | |||||||
Remeasurement of post-employment benefit obligations (net of tax) | - | - | |||||
Total comprehensive income | 347,511 | 117,498 | |||||
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Earnings per share (Shs): |
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Basic and diluted earnings per ordinary share | 17.73 | 5.99 | |||||
Condensed Consolidated Statement of Financial Position | ||||||||||
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| 30 June 2024 |
| 30 June 2023 |
| 31 December 2023 |
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EQUITY | ||||||||||
Share capital | 98,000 | 98,000 | 98,000 | |||||||
Other reserves | 34,929 | 32,815 | 34,929 | |||||||
Retained earnings | 5,678,264 | 5,465,134 | 5,330,753 | |||||||
Proposed dividends | - | - | 470,400 | |||||||
Total equity | 5,811,193 | 5,595,949 | 5,934,082 | |||||||
Non-current liabilities | 1,244,674 | 1,203,079 | 1,299,213 | |||||||
7,055,867 | 6,799,028 | 7,233,295 | ||||||||
REPRESENTED BY | ||||||||||
Non-current assets | 3,986,091 | 4,097,646 | 4,055,135 | |||||||
Cash assets excluding cash and bank balances | 3,456,440 | 2,842,579 | 2,152,846 | |||||||
Cash and bank balances | 130,377 | 239,675 | 1,408,131 | |||||||
Current liabilities | (517,041 | ) | (380,872 | ) | (382,817 | ) | ||||
Net working capital | 3,069,776 | 2,701,382 | 3,178,160 | |||||||
7,055,867, | 6,799,028 | 7,233,295 | ||||||||
Condensed Consolidated Statement of Cash flows |
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| 30 June 2024 |
| 30 June 2023 |
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Cash and cash equivalents at the beginning of the period | 1,408,131 | 1,408,744 | |||||
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Net cash used in operating activities | (536,131 | ) | (597,169 | ) | |||
Net cash used in investing activities | (107,891 | ) | (159,841 | ) | |||
Net cash used in financing activities | (470,400 | ) | (470,400 | ) | |||
Effect of exchange rate differences on cash and cash equivalents | (163,332 | ) | 58,341 | ||||
Decrease in cash and cash equivalents | (1,277,754 | ) | (1,169,069 | ) | |||
Cash and cash equivalents at the end of the period | 130,377 | 239,675 | |||||
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Condensed Consolidated Statement of Changes in Equity |
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| Share capital |
| Other reserves |
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| Proposed dividends |
| Total Equity |
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At start of the period | 98,000 | 34,929 | 5,330,753 | 470,400 | 5,934,082 | |||||
Profit for the period | - | - | 347,511 | - | 347,511 | |||||
Dividends paid | - | - | - | (470,400 | ) | (470,400 | ) | |||
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At end of period | 98,000 | 34,929 | 5,678,264 | - | 5,811,193 | |||||
KEY HIGHLIGHTS
· Avocado profits were Ksh 951 million, up 42% on the same period last year.
· Macadamia markets are recovering from last year's slump. A profit of Ksh.32 million has been recorded against a loss of Ksh.329 million last year.
· The diversification into an expanded range of value addition products, sold through our Kakuzi Farm Market and the Boran Barn has made a positive contribution to sales.
· Pretax profit for half year is significantly higher than last year at Ksh.507 million.
· Profits have been negatively impacted by a foreign exchange loss of Ksh.163million.
TRADING PERFORMANCE
The half-year trading period for the financial year 2024 has been positively impacted by a buoyant international avocado market, created predominantly by reduced global supply. Demand for macadamia nuts has returned to pre-COVID levels. Although macadamia prices have recovered some ground, they remain below pre-COVID levels.
Our commitment to promoting responsibly grown Kenyan superfoods in both traditional and emerging markets is unwavering. Quality, traceability, and sustainability are our key drivers, and we are encouraged to see a growing customer base appreciating our value-added produce range of edible oil, fresh meats, roasted and coated macadamia nuts.
The Directors do not recommend the payment of an Interim Dividend.
BY ORDER OF THE BOARD
NICHOLAS NG'ANG'A
CHAIRMAN
20 AUGUST 2024
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