17th Mar 2016 07:00
KAKUZI LIMITED
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ANNOUNCEMENT OF GROUP RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015 |
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Condensed consolidated statement of profit or loss and other comprehensive income |
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| 31 December 2015 |
| 31 December 2014 |
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| Shs'000 |
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Sales |
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| 2,481,844 |
| 1,689,917 |
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Profit before fair value gain in Biological assets and income tax |
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650,183 |
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153,486 |
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Fair value gain in Biological assets |
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| 114,262 |
| 79,313 |
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Profit before income tax |
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| 764,445 |
| 232,799 |
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Income tax expense |
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| (236,758 | ) | (72,594 | ) | ||
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Profit for the year |
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| 527,687 |
| 160,205 |
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Other comprehensive income: |
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Items that are not reclassified to profit or loss: |
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Remeasurement of post employment benefit obligations (net of tax) |
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| 4,955 |
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Total comprehensive income |
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| 532,642 |
| 154,200 |
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Earnings per share (Shs): |
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Basic and diluted earnings per stock unit |
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| 26.92 |
| 8.17 |
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Condensed Consolidated Statement of Financial Position |
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| 31 December 2015 |
| 31 December 2014 |
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| Shs'000 |
| Shs'000 |
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EQUITY |
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Share capital |
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| 98,000 |
| 98,000 |
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Other reserves |
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| 8,936 |
| 3,981 |
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Retained earnings |
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| 3,238,934 |
| 2,809,247 |
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Proposed dividends |
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| 98,000 |
| 73,500 |
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Total equity |
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| 3,443,870 |
| 2,984,728 |
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Non-current liabilities |
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| 742,099 |
| 695,305 |
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| 4,185,969 |
| 3,680,033 |
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REPRESENTED BY |
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Non-current assets |
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| 3,025,106 |
| 2,676,369 |
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Current assets |
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| 354,639 |
| 207,395 |
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Cash and bank balances |
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| 1,175,434 |
| 973,690 |
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Current liabilities |
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| (369,210 | ) | (177,421 | ) | ||
Net current assets |
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| 1,160,863 |
| 1,003,664 |
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| 4,185,969 |
| 3,680,033 |
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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 improved profit is considered satisfactory and was driven to some extent by the weather conditions as well as favourable market demand for our main export products. Avocado was dominant in returns but tea and forestry made useful contribution to profits. The weakening Kenya Shilling also worked in our favour as well as the fact that we could take advantage of high interest rates with our strong cash position.
DIVIDEND:
The Directors recommend the payment of a first and final dividend for the financial year 2015 of Shs 5.00 per stock unit (2014: Shs 3.75) subject to shareholders approval. The dividend shall be paid on or about 30 June 2016 to the shareholders on the members' register at the close of business on Tuesday, 31 May 2016.
ANNUAL GENERAL MEETING:
The Annual General Meeting of the Company will be held on Tuesday 17 May 2016 at 12.00 Noon at Nairobi Serena Hotel.
BY ORDER OF THE BOARD
K W Tarplee Chairman 16 March 2016 |
Related Shares:
Kakuzi