Annual Financial Report

RNS Number : 6336I

Kakuzi Ld

23 March 2018

 

KAKUZI PLC
ANNOUNCEMENT OF GROUP RESULTS FOR THE YEAR ENDED 31 DECEMBER 2017
Condensed consolidated statement of profit or loss and other comprehensive income
					31 December 2017		31 December 2016
					Shs'000		Shs'000
Sales					2,823,926		2,651,199
Profit before fair value gain in non-current biological assets and income tax					766,324		690,543
Fair value gain in non-current biological assets					82,799		67,236
Profit before income tax					849,123		757,779
Income tax expense					(257,480	)	(195,354	)
Profit for the year					591,643		562,425
Other comprehensive income:
Items that are not reclassified to profit or loss:
Remeasurement of post employment benefit obligations (net of tax)					1,735		5,936
Total comprehensive income					593,378		568,361
Earnings per share (Shs):
Basic and diluted earnings per ordinary share					30.19		28.70
Condensed Consolidated Statement of Financial Position
					31 December 2017		31 December 2016
					Shs'000		Shs'000
EQUITY
Share capital					98,000		98,000
Other reserves					16,607		14,872
Retained earnings					4,070,229		3,615,786
Proposed dividends					137,200		117,600
Total equity					4,322,036		3,846,258
Non-current liabilities					807,190		801,418
					5,129,226		4,647,676
REPRESENTED BY
Non-current assets					3,338,922		3,015,067
Current assets					758,455		618,771
Cash and bank balances					1,648,749		1,430,576
Current liabilities					(616,900)		(416,738)
Net current assets					1,790,304		1,632,609
					5,129,226		4,647,676

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 Deloitte & Touche, Certified Public Accountants of Kenya, and on which an unqualified opinion has been issued. A commendable set of results for 2017 showing a pre-tax profit of Shs 849 million against Shs 758 million of last year. The earnings per ordinary share increased from Shs 28.70 in 2016 to Shs 30.19 in 2017. The increase in profit is as a result of continued market demand for Avocado and Macadamia throughout the year. Profitability within the Tea operations continued to reflect the difficult trading conditions and significant inflationary pressure on labour and other production costs. DIVIDEND: The Directors recommend the payment of a first and final dividend for the financial year 2017 of Shs 7.00 per ordinary share (2016: Shs 6.00) subject to shareholders' approval. The dividend shall be paid on or about 30 June 2018 to the shareholders on the members' register at the close of business on Thursday, 31 May 2018. ANNUAL GENERAL MEETING: The Annual General Meeting of the Company will be held on Tuesday 15 May 2018 at 12.00 Noon at Nairobi Serena Hotel. BY ORDER OF THE BOARD G H Mclean Chairman 22 March 2018

 

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