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LONDON (Alliance News) - Kakuzi PLC on Wednesday reported a rise in both interim revenue and profit, but warned the second half of 2018 will be difficult to predict.
Kenya-based Kakuzi, which is 51% owned by Camellia PLC, grows tea, avocados, pineapples, macademia, and also farms livestock and develops forestry.
Revenue for the six months to June was KES613.1 million, or GBP4.8 million, compared to KES547.3 million the year before, a figure equivalent to approximately GBP4.3 million.
Kakuzi's pretax profit rose to KES382.6 million from KES105.5 million a year prior, boosted by the higher revenue as well as a significantly higher profit before a fair value gain on non-current biological assets.
It is not paying an interim dividend, having not paid one in 2017.
Kakuzi said performance was helped due to higher tea volumes and better prices, while avocado results also improved. Likewise, macademia and forestry had a solid period.
However, it continued, given the volatility which has come to its markets, the company finds it "very difficult" to predict how the second half might pan out, especially as this is when most of its avocado is sold.
Shares were untraded on Wednesday, last quoted at 92.50 pence each.
