Final Results

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 19^th May 2009 at 12.00 noon at the Norfolk Hotel, Nairobi.

 

BY ORDER OF THE BOARD

 

DR T R FOWKES

CHAIRMAN

5 MARCH 2009

 

END

 

 

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