TIDMKAKU
RNS Number : 3899K
Kakuzi Ld
25 August 2023
KAKUZI PLC
EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 202 3
The unaudited results for the Kakuzi Group for the period of six
months to 30 June 202 3 and the comparative figures for the
previous year are as follows:
Condensed Consolidated Statement of Profit or Loss
and other Comprehensive Income
30 June 30 June
2023 2022
Shs'000 Shs'000
Sales 873,155 1,026,492
======= =========
Profit before fair value gain
in non-current biological assets
and income tax 149,528 471,842
Fair value gain in non-current
biological assets 21,591 22,826
Profit before income tax 171,119 494,668
Income tax expense (53,621) (153,398)
------- ---------
Profit for the period 117,498 341,270
Other Comprehensive Income:
Items that are not reclassified
to profit or loss:
Remeasurement of post-employment - -
benefit obligations (net of tax)
Total comprehensive income 117,498 341,270
======= =========
Shs Shs
Earnings per share (Shs):
Basic and diluted earnings per
ordinary share 5.99 17.41
Condensed Consolidated Statement of Financial Position
Audited
30 June 30 June 31 December
2023 2022 2022
Shs'000 Shs'000 Shs'000
EQUITY
Share capital 98,000 98,000 98,000
Other reserves 32,815 37,991 32,815
Retained earnings 5,465,134 5,313,502 5,347,636
Proposed dividends - - 470,400
---------- --------- -----------
Total equity 5,595,949 5,449,493 5,948,851
Non-current
liabilities 1,203,079 1,098,845 1,187,237
---------- --------- -----------
6,799,028 6,548,338 7,136,188
========== ========= ===========
REPRESENTED
BY
Non-current
assets 4,097,646 3,999,063 4,089,669
Cash and cash
balances 239,675 840,966 1,408,744
Other current
assets 2,842,579 2,259,249 1,983,022
Current liabilities (380,872) (550,940) (345,247)
---------- --------- -----------
Net current
assets 2,701,382 2,549,275 3,046,519
---------- --------- -----------
6,799,028 6,548,338 7,136,188
========== ========= ===========
Condensed Consolidated Statement of Cash flows
30 June 30 June
2023 2022
Shs'000 Shs'000
Cash and cash equivalents at
the beginning of the period 1,408,744 1,656,219
---------- ---------
Net cash used in operating activities (597,169) (188,424)
Net cash used in investing activities (159,841) (225,311)
Net cash used in financing activities (470,400) (431,201)
Effect of exchange rate differences
on cash and cash equivalents 58,341 29,683
---------- ---------
Decrease in cash and cash equivalents (1,169,069) (815,253)
Cash and cash equivalents at
the end of the period 239,675 840,966
========== =========
Condensed Consolidated Statement
of Changes in Equity
Share Other Retained Proposed Total
capital reserves earnings dividends Equity
Shs'000 Shs'000 Shs'000 Shs'000 Shs'000
At start of
the period 98,000 32,815 5,347,636 470,400 5,948,851
Profit for the
period - - 117,498 - 117,498
Dividends paid - - - (470,400) (470,400)
At end of period 98,000 32,815 5,465,134 - 5,595,949
KEY HIGHLIGHTS
-- Avocado profits have more than doubled in 2023 to Ksh 654.8
million, up from Ksh 288.6 million in 2022
-- Global Macadamia glut persists leading to a Kshs 329 million
sectoral loss for the macadamia business
-- Recovery expected as Kakuzi Macadamia domestic market retail
sales efforts doubled up to mitigate international market risks
-- Pretax profit down by 65% to Ksh 171.1 million from Kshs
494.7 million
-- Avocado exports to China up on last year.
TRADING PERFORMANCE
The half-year trading period for the financial year 2023 are in
line with our expectations given the challenging macadamia markets.
As highlighted at the Annual General Meeting, we expect the global
macadamia glut situation to persist throughout the balance of 2023
financial year and may be into 2024.
In 2022 the half year profits for the macadamia business were
posted at Ksh 339 million. This year the situation has reversed to
a loss of Ksh (329) million. The disappointment is that in our
biggest markets of China, Japan and the USA, the same quality
macadamia nut kernels are now selling for less than half the price
recorded during the same period last year even as production
volumes from all source markets continue to grow.
We remain committed to a shared prosperity business model that
prioritizes all our stakeholder needs. Growing our business in a
sustainable manner, actively implementing our Kakuzi, Community
Partnerships, answering the call for climate action and using best
practices in all we do to promote our values remains our focus.
The Directors do not recommend the payment of an Interim
Dividend.
BY ORDER OF THE BOARD
NICHOLAS NG'ANG'A
CHAIRMAN
24 AUGUST 2023
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END
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