Annual Financial Report

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 2016		31 December 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 2016		31 December 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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