Half-year Report

RNS Number : 1904N

Kakuzi Ld

07 August 2017

 

KAKUZI PLC EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2017 The unaudited results for the Kakuzi Group for the period of six months to 30 June 2017 and the comparative figures for the previous year are as follows:

Condensed Consolidated Statement of Comprehensive Income
				30 June 2017		Restated 30 June 2016
				Shs'000		Shs'000
Sales				547,277		437,347
Profit before fair value gain in biological assets and income tax				85,462		44,523
Fair value gain in biological assets				20,000		19,054
Profit before income tax				105,462		63,577
Income tax expense				(32,259	)	(18,189	)
Profit for the period				73,203		45,388
Other Comprehensive Income				-		-
Total comprehensive income				73,203		45,388
Total comprehensive income attributable to
equity holders of the company:				73,203		45,388
				Shs		Shs
Earnings per share attributable to equity holders of the company:
Basic and diluted earnings per ordinary share				3.73		2.32
Condensed Consolidated Statement of Financial Position
				Restated
	30 June 2017			30 June 2016		31 December 2016
	Shs'000			Shs'000		Shs'000
EQUITY
Share capital	98,000			98,000		98,000
Other reserves	14,872			8,936		14,872
Retained earnings	3,688,989			3,216,349		3,615,786
Proposed dividends	-			-		117,600
Total equity	3,801,861			3,323,285		3,846,258
Non-current liabilities	836,733			734,181		801,418
	4,638,594			4,057,466		4,647,676
REPRESENTED BY
Non-current assets	3,037,497			2,906,372		3,015,067
Current assets	884,675			766,713		618,771
Cash and cash balances	1,143,772			731,663		1,430,576
Current liabilities	(427,350	)		(347,282	)	(416,738	)
Net current assets	1,601,097			1,151,094		1,632,609
	4,638,594			4,057,466		4,647,676

Overview: The above is an extract from the interim financial statements which have been prepared in accordance with the International Financial Reporting Standards (IFRS). The profit before tax for the period to 30 June 2017 was KSh105.5 million compared to a restated profit of KSh63.6 million for the same period last year. The 2016 half year profits have been restated due to changes in the Accounting Standards. During the period under review, tea profits were depressed due to lower volumes partly offset by better prices arising from dry weather conditions in quarter one. Avocado results are in line with last year's performance whilst macadamia results are affected by lower than expected yields. It is difficult, at present, to predict financial performance for the year with erratic supply and demand, climatic conditions together with exchange rates to contend with. The Directors do not recommend the payment of an Interim Dividend. BY ORDER OF THE BOARD G H MCLEAN CHAIRMAN 04 August 2017

 

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