19 Aug 2022 07:00
KAKUZI PLC
EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2022
The unaudited results for the Kakuzi Group for the period of six months to 30 June 2022 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 2022 |
| 30 June 2021 |
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Sales | 1,026,492 | 888,949 | |||||
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Profit before fair value gain in non-current biological assets and income tax | 471,842 | 256,094 | |||||
Fair value gain in non-current biological assets | 22,826 | 20,569 | |||||
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Profit before income tax | 494,668 | 276,663 | |||||
Income tax (expense)/credit | (153,398 | ) | (82,025 | ) | |||
Profit for the period | 341,270 | 194,638 | |||||
Other Comprehensive Income: | |||||||
Items that are not reclassified to profit or loss: | |||||||
Remeasurement of post-employment benefit obligations (net of tax) | - | - | |||||
Total comprehensive income | 341,270 | 194,638 | |||||
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Earnings per share (Shs): |
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Basic and diluted earnings per ordinary share | 17.41 | 9.93 | |||||
Condensed Consolidated Statement of Financial Position | ||||||||||
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| Audited |
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| 30 June 2022 |
| 30 June 2021 |
| 31 December 2021 |
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EQUITY | ||||||||||
Share capital | 98,000 | 98,000 | 98,000 | |||||||
Other reserves | 37,991 | 31,953 | 37,991 | |||||||
Retained earnings | 5,313,502 | 5,278,334 | 4,972,232 | |||||||
Proposed dividends | - | - | 431,200 | |||||||
Total equity | 5,449,493 | 5,408,287 | 5,539,423 | |||||||
Non-current liabilities | 1,098,845 | 1,082,661 | 1,070,957 | |||||||
6,548,338 | 6,490,948 | 6,610,380 | ||||||||
REPRESENTED BY | ||||||||||
Non-current assets | 3,999,063 | 3,919,268 | 3,929,196 | |||||||
Cash and cash balances | 840,966 | 1,198,311 | 1,656,219 | |||||||
Other current assets | 2,259,249 | 1,798,417 | 1,302,056 | |||||||
Current liabilities | (550,940 | ) | (425,048 | ) | (277,091 | ) | ||||
Net current assets | 2,549,275 | 2,571,680 | 2,581,184 | |||||||
6,548,338 | 6,490,948 | 6,610,380 | ||||||||
Condensed Consolidated Statement of Cash flows |
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| 30 June 2022 |
| 30 June 2021 |
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Cash and cash equivalents at the beginning of the period | 1,656,219 | 1,670,124 | |||||
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Net cash used in operating activities | (188,424 | ) | (17,917 | ) | |||
Net cash used in investing activities | (225,311 | ) | (82,021 | ) | |||
Net cash used in financing activities | (431,201 | ) | (352,803 | ) | |||
Effect of exchange rate differences on cash and cash equivalents | 29,683 | (19,072 | ) | ||||
Decrease in cash and cash equivalents | (815,253 | ) | (471,813 | ) | |||
Cash and cash equivalents at the end of the period | 840,966 | 1,198,311 | |||||
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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 | 37,991 | 4,972,232 | 431,200 | 5,539,423 | |||||
Profit for the period | - | - | 341,270 | - | 341,270 | |||||
Dividends paid | - | - | - | (431,200 | ) | (431,200 | ) | |||
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At end of period | 98,000 | 37,991 | 5,313,502 | - | 5,449,493 | |||||
KEY HIGHLIGHTS
· Strong bottom line growth. Pretax profit up 60% to Kshs 494.7 million
· Anticipating higher avocado exports, this 'ON' year cropping cycle
· Diversification strategy gains steam
· Domestic sales for macadamia and blueberries as part of revenue stream diversification stepped up
· All set for avocado exports to China
TRADING PERFORMANCE
The half-year trading period for the financial year 2022 are in line with our expectations
We have maintained focus on the efficient production of quality products to fuel our revenue and profit growth.
Emerging from the suppressed trading results posted within the same period last year, our pretax profit for the half-year period has grown to Ksh 494.7 million, up from KSh 276.7 million posted within the same period last year.
Based on our current projections, we are optimistic that we will meet our production targets for the full-year trading period with enhanced efforts to progress our diversification strategies.
The Directors do not recommend the payment of an Interim Dividend.
BY ORDER OF THE BOARD
NICHOLAS NG'ANG'A
CHAIRMAN
18 AUGUST 2022
Kakuzi (KAKU)