Last checked at 5 Mar 2009 16:21
RNS Number : 4055O
Kakuzi Ld
05 March 2009
KAKUZI LIMITED
ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 DECEMBER 2008
| | | | 2008 | | 2007 |
| | | | Shs'000 | | Shs'000 |
| | | | | | |
| Sales | | | 1,620,319 | | 1,512,118 |
| | | | | | |
| Profit before finance costs and income tax | | | 441,588 | | 320,544 |
| Finance costs | | | (51,399) | | (50,214) |
| Profit before income tax | 390,189 | | 270,330 | ||
| Income tax expense | | | (107,271) | | (78,733) |
| Profit for the year (of which Shs 180,671,000 has been dealt with in the accounts of the company) | 282,918 | | 191,597 | ||
| | | | | | |
| Attributable to: | | | | | |
| Equity holders of the company | | | 257,188 | | 189,643 |
| Minority interest | | | 25,730 | | 1,954 |
| | | | | | |
| | Shs | | Shs | ||
| Earnings per share attributable to equity holders of company: | | | | ||
| Basic and diluted earnings per stock unit | 13.12 | | 9.68 | ||
| | | | | | |
| | | | Shs'000 | | Shs'000 |
| Dividends: - | | | | | |
| Proposed first and final dividend for the year | | | 19,600 | | - |
| | | | | | |
NOTES
The above results are extracted from financial statements audited by PricewaterhouseCoopers, Certified Public Accountants, and on which an unqualified opinion has been given.
Biological assets are measured at fair value less estimated point-of-sale costs in accordance with IAS 41, Agriculture. Included in the profit for 2008 is a contribution of Shs 181 million (2007: Shs 164 million) arising from the changes in the fair value less estimated point-of-sale costs for biological assets.
The principal contributions to profit in 2008 were derived from avocado, tea and pineapple. The long-standing canned pineapple joint venture with Del Monte Kenya Limited has been terminated, but a new joint project agreement with them is now in place.
DIVIDEND
The directors recommend the payment of a first and final dividend for the financial year 2008 of 20% equivalent to Shs 1.00 per stock unit (2007: nil).
Subject to the shareholders approval, the Register of Members will be closed on Wednesday, 20 May 2009 for the purpose of processing the dividend.
ANNUAL GENERAL MEETING
The Annual General Meeting of the company will be held on Tuesday 19th May 2009 at 12.00 noon at the Norfolk Hotel, Nairobi.
BY ORDER OF THE BOARD
DR T R FOWKES
CHAIRMAN
5 MARCH 2009
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