RNS Announcement
KAKUZI LIMITED
ANNOUNCEMENT OF GROUP RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015
Condensed consolidated statement of profit or loss and other comprehensive income
31 December 2015
31 December 2014
Shs'000
Sales
2,481,844
1,689,917
Profit before fair value gain in Biological assets and income tax
650,183
153,486
Fair value gain in Biological assets
114,262
79,313
Profit before income tax
764,445
232,799
Income tax expense
(236,758
)
(72,594
Profit for the year
527,687
160,205
Other comprehensive income:
Items that are not reclassified to profit or loss:
Remeasurement of post employment benefit obligations (net of tax)
4,955
(6,005
Total comprehensive income
532,642
154,200
Earnings per share (Shs):
Basic and diluted earnings per stock unit
26.92
8.17
Condensed Consolidated Statement of Financial Position
EQUITY
Share capital
98,000
Other reserves
8,936
3,981
Retained earnings
3,238,934
2,809,247
Proposed dividends
73,500
Total equity
3,443,870
2,984,728
Non-current liabilities
742,099
695,305
4,185,969
3,680,033
REPRESENTED BY
Non-current assets
3,025,106
2,676,369
Current assets
354,639
207,395
Cash and bank balances
1,175,434
973,690
Current liabilities
(369,210
(177,421
Net current assets
1,160,863
1,003,664
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
Annual Financial Report
07:00:08
17 Mar 2016
Results
3191S
