Kakuzi Ld Annual Financial Report (8075A)
29 March 2017 - 5:00PM
UK Regulatory
TIDMKAKU
RNS Number : 8075A
Kakuzi Ld
29 March 2017
KAKUZI LIMITED
ANNOUNCEMENT OF GROUP RESULTS FOR THE YEAR ENDED
31 DECEMBER 2016
Condensed consolidated statement of profit or
loss and other comprehensive income
Restated
31 December 31 December
2016 2015
Shs'000 Shs'000
Sales 2,651,199 2,481,844
=========== ===========
Profit before fair value gain
in non-current biological assets
and income tax 690,543 584,270
Fair value gain in non-current
biological assets 67,236 83,071
Profit before income tax 757,779 667,341
Income tax expense (195,354) (207,627)
----------- -----------
Profit for the year 562,425 459,714
Other comprehensive income:
Items that are not reclassified
to profit or loss:
Remeasurement of post employment
benefit obligations (net of
tax) 5,936 4,955
Total comprehensive income 568,361 464,669
=========== ===========
Earnings per share (Shs):
Basic and diluted earnings
per stock unit 28.70 23.45
=========== ===========
Condensed Consolidated Statement of Financial
Position
Restated
31 December 31 December
2016 2015
Shs'000 Shs'000
EQUITY
Share capital 98,000 98,000
Other reserves 14,872 8,936
Retained earnings 3,615,786 3,170,961
Proposed dividends 117,600 98,000
----------- -----------
Total equity 3,846,258 3,375,897
Non-current liabilities 801,418 712,968
----------- -----------
4,647,676 4,088,865
=========== ===========
REPRESENTED BY
Non-current assets 3,015,067 2,817,369
----------- -----------
Current assets 618,771 465,272
Cash and bank balances 1,430,576 1,175,434
Current liabilities (416,738) (369,210)
Net current assets 1,632,609 1,271,496
4,647,676 4,088,865
=========== ===========
OVERVIEW:
The above is an extract from the financial statements
which have been prepared in accordance with the
International Financial Reporting Standards (IFRS)
and audited by PricewaterhouseCoopers, Certified
Public Accountants of Kenya, and on which an unqualified
opinion has been issued.
The results for the year show an increased profit
before tax of Ksh 758 million against a restated
profit for 2015 of Ksh 667 million. The 2015 profits
have been restated due to changes in the Accounting
Standards. The earnings per stock unit increased
from Ksh 23.45 to Ksh 28.70. The improved profit
reflects the favourable market demand for our
two core crop products (avocado and macadamia)
as well as the continued growth of these operations
in keeping with Kakuzi's agricultural development
strategy.
DIVIDEND:
The Directors recommend the payment of a first
and final dividend for the financial year 2016
of Shs 6.00 per stock unit (2015: Shs 5.00) subject
to shareholders' approval. The dividend shall
be paid on or about 30 June 2017 to the shareholders
on the members' register at the close of business
on Wednesday, 31 May 2017.
ANNUAL GENERAL MEETING:
The Annual General Meeting of the Company will
be held on Monday 15 May 2017 at 12.00 Noon at
Fairmont The Norfolk Hotel.
BY ORDER OF THE BOARD
G H Mclean
Chairman
28 March 2017
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This information is provided by RNS
The company news service from the London Stock Exchange
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