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2024 Final Results Announcement

25th Mar 2025 07:00

RNS Number : 9136B
Kakuzi Ld
25 March 2025
 

 

KAKUZI PLC

 

 ANNOUNCEMENT OF GROUP RESULTS FOR THE YEAR ENDED31 DECEMBER 2024

 

 

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

 

 

 

 

 

31 December 2024

 

31 December 2023

 

 

 

 

 

Shs'000

 

Shs'000

 

 

 

Sales

4,791,692

5,401,468

 

(Loss)/profit before fair value gain in non-current biological assets and income

tax

 

(404,704

 

)

 

537,174

  Fair value gain in non-current biological assets

237,956

126,808

 

(Loss)/profit before income tax

(166,748

)

663,982

Income tax credit /(charge)

35,054

(210,465

)

Operating (loss)/profit for the year

(131,694

)

453,517

  Other Comprehensive Income:

Items that are not reclassified to profit or loss:

Remeasurement of post-employment benefit obligations (net of tax)

1,322

2,114

Total comprehensive (loss)/income

(130,372

)

455,631

 

Shs

 

Shs

 

 

Earnings per share (Shs):

 

 

 

 

 

Basic and diluted (loss)/earnings per ordinary share

(6.72

)

23.14

 

 

Condensed Consolidated Statement of Financial Position

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31 December 2024

 

31 December 2023

 

 

 

 

 

 

 

 

Shs'000

 

Shs'000

 

EQUITY

Share capital

98,000

98,000

Other reserves

36,251

34,929

Retained earnings

5,042,259

5,330,753

Proposed dividends

156,800

470,400

Total equity

5,333,310

5,934,082

Non-current liabilities

1,267,964

1,299,213

6,601,274

7,233,295

REPRESENTED BY

Non-current assets

4,157,742

4,055,135

Current assets excluding cash and cash balances

1,651,215

2,152,846

Cash and bank balances

1,106,684

1,408,131

Current liabilities

(314,367

)

(382,817

)

Net current assets

2,443,532

3,178,160

6,601,274

7,233,295

 

 

 

Condensed Consolidated Statement of Cash flows

 

 

 

 

 

31 December 2024

 

31 December 2023

 

 

 

 

 

Shs'000

 

Shs'000

 

 

 

Cash and cash equivalents at the beginning of the year

1,408,131

1,408,744

 

Net cash generated from operating activities

474,681

649,292

Net cash used in investing activities

(138,756

)

(294,162

)

Net cash used in financing activities

(470,463

)

(470,400

)

Net decrease in cash and cash equivalents

(134,538

)

(115,270

)

Net exchange (losses)/gains on foreign currency cash & cash equivalent

(166,909

)

114,657

Cash and cash equivalents at the end of the year

1,106,684

1,408,131

 

 

Condensed Consolidated Statement of Changes in Equity

 

 

 

 

 

 

Share

capital

 

Other reserves

 

Retained earnings

 

Proposed dividends

 

Total

Equity

 

 

Shs'000

 

Shs'000

 

Shs'000

 

Shs'000

 

Shs'000

 

 

 

 

 

 

 

 

 

 

 

 

On 1.1.2024

98,000

34,929

5,330,753

470,400

5,934,082

(Loss) for the year

-

-

(131,694

)

-

(131,694

)

Other comprehensive income

-

1,322

-

-

1,322

Dividends - final paid for 2023

-

-

-

(470,400

)

(470,400

)

-Proposed for 2024

-

-

(156,800)

156,800

-

 

On 31.12.2024

98,000

36,251

5,042,259

156,800

5,333,310

  

 

 

OVERVIEW:

Your Company recorded a pre-tax loss of Ksh 167 million for the year (2023: pre-tax profit of Ksh 664 million). This was primarily due to:

1. Adverse Weather Conditions: Excessive rainfall significantly reduced avocado production.

2. Currency Fluctuations: The Kenyan Shilling's strong revaluation against the Euro and US Dollar resulting in reduced income as well as incurring exchange losses on foreign currency holdings.

3. Geopolitical tensions: Conflicts in the Middle East disrupted export routes, extending transit times and impacting quality.

 

DIVIDEND:

Your Board recommends payment of dividend of Shs 8 per share for the year ended 31 December 2024 compared to Shs 24.00 per share in 2023. The dividend shall be paid on or about 16 June 2025 to the shareholders on the members' register at the close of business on Friday, 31 May 2025.

 

ANNUAL GENERAL MEETING:

The Annual General Meeting of the Company will be held in the Ballroom at Fairmont The Norfolk Hotel, Nairobi on Wednesday, 14th May 2025 at 12.00 Noon.

 

BY ORDER OF THE BOARD

NICHOLAS NG'ANG'A

CHAIRMAN

24 MARCH 2025

 

INDEPENDENT AUDITORS' REPORT ON THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

TO THE SHAREHOLDERS OF KAKUZI PLC

 

Opinion

 

The accompanying condensed consolidated financial statements of Kakuzi Plc and its subsidiaries (the "Group"), which comprise the condensed consolidated statement of financial position as at 31 December 2024, and the condensed consolidated statement of profit or loss and other comprehensive income, the condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows for the year then ended, are derived from the audited financial statements of the Group for the year ended 31 December 2024.

 

In our opinion, the accompanying condensed consolidated financial statements are consistent, in all material respects, with the audited financial statements of the Group, in accordance with the requirements of the Capital Markets (Securities) (Public Offers, Listings and Disclosures) Regulation, 2002 (''the Regulations'') as applicable to summary financial statements.

 

Condensed consolidated financial Statements

 

The condensed consolidated financial statements do not contain all the disclosures required by the IFRS Accounting Standards as issued by the International Accounting Standards Board as applicable to annual financial statements. Reading the condensed consolidated financial statements and the auditors' report thereon, therefore, is not a substitute for reading the audited financial statements of the Group and the auditors' report thereon.

 

The audited financial statements and our report thereon

 

We expressed an unmodified audit opinion on the audited financial statements in our report dated 24 March 2025. That report also includes the communication of a key audit matter related to measurement of biological assets. Key audit matters are those matters that in our professional judgement were of most significance in our audit of the financial statements of the current period.

 

Directors' Responsibility for the condensed consolidated Financial Statements

 

The directors are responsible for the preparation of the condensed consolidated financial statements in accordance with Capital Markets (Securities) (Public Offers, Listings and Disclosures) Regulation, 2002 (''the Regulations'') as applicable to summary financial statements and for such internal control as the directors determine is necessary to enable the preparation of the condensed consolidated financial statements that are free from material misstatement, whether due to fraud or error.

 

Auditors' responsibility

 

Our responsibility is to express an opinion on whether the condensed consolidated financial statements are consistent, in all material respects, with the audited financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing (ISA) 810 (Revised), Engagements to Report on Summary Financial Statements.

 

The engagement partner responsible for the audit resulting in this independent auditor's report is CPA Fredrick Okwiri, Practicing Certificate No. 1699

 

 

For and on behalf of Deloitte & Touche LLP

Certified Public Accountants

Deloitte Place,

Waiyaki Way, Muthangari

P.O Box 40092 - 00100

24th March 2025

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END
 
 
FR USRORVWUOUAR

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