Kakuzi Ld Annual Financial Report (6336I)
March 23 2018 - 3:00AM
UK Regulatory
TIDMKAKU
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 31 December
2017 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 31 December
2017 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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This information is provided by RNS
The company news service from the London Stock Exchange
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