TIDMKAKU
RNS Number : 8369T
Kakuzi Ld
22 March 2023
KAKUZI PLC
ANNOUNCEMENT OF GROUP RESULTS FOR THE YEARED 31 DECEMBER
2022
Condensed Consolidated Statement of Profit or Loss and Other
Comprehensive Income
31 December 31 December
2022 2021
Shs'000 Shs'000
Sales 4,434,211 3,296,414
========= ===========
Profit before fair value gain
in non-current biological assets
and income tax 1,108,065 333,435
Fair value gain in non-current
biological assets 113,559 138,121
========= ===========
Profit before income tax 1,221,624 471,556
Income tax expense (375,820) (151,820)
========= ===========
Profit for the year 845,804 319,736
Other Comprehensive Income:
Items that are not reclassified
to profit or loss:
Remeasurement of post-employment
benefit obligations (net of
tax) (5,176) 6,038
========= ===========
Total comprehensive income 840,628 325,774
========= ===========
Shs Shs
Earnings per share (Shs):
Basic and diluted earnings per
ordinary share 43:15 16.31
========= ===========
Condensed Consolidated Statement of Financial Position
31 December 31 December
2022 2021
Shs'000 Shs'000
EQUITY
Share capital 98,000 98,000
Other reserves 32,815 37,991
Retained earnings 5,347,636 4,972,232
Proposed dividends 470,400 431,200
=========== ===========
Total equity 5,948,851 5,539,423
Non-current liabilities 1,187,337 1,070,957
=========== ===========
7,136,188 6,610,380
=========== ===========
REPRESENTED BY
Non-current assets 4,089,669 3,929,196
Current assets excluding cash
and cash balances 1,983,022 1,302,056
Cash and bank balances 1,408,744 1,656,219
Current liabilities (345,247) (277,091)
=========== ===========
Net current assets 3,046,519 2,681,184
=========== ===========
7,136,188 6,610,380
=========== ===========
Condensed Consolidated Statement of Cash flows
31 December 31 December
2022 2021
Shs'000 Shs'000
Cash and cash equivalents at
the beginning of the year 1,656,219 1,670,124
=========== ===========
Net cash generated from operating
activities 382,426 556,796
Net cash used in investing activities (281,012) (233,896)
Net cash used in financing activities (431,201) (352,803)
Net exchange gains on foreign
currency cash & cash equivalent 82,312 15,998
=========== ===========
Decrease in cash and cash equivalents (247,475) (13,905)
=========== ===========
Cash and cash equivalents at
the end of the year 1,408,744 1,656,219
=========== ===========
Condensed Consolidated Statement of Changes in Equity
Share Other Retained Proposed Total
capital reserves earnings dividends Equity
Shs'000 Shs'000 Shs'000 Shs'000 Shs'000
On 1.1.2022 98,000 37,991 4,972,232 431,200 5,539,423
Profit for the
year - - 845,804 - 845,804
Other comprehensive
loss - (5,176) - - (5,176)
Dividends
- final paid
for 2021 - - - (431,200) (431,200)
- proposed for
2022 - - (470,400) 470,400 -
============== ================== ============ ============== ===============
On 31.12.2022 98,000 32,815 5,347,636 470,400 5,948,851
============== ================== ============ ============== ===============
OVERVIEW:
Kakuzi, your superfoods growing Company recorded a 159% increase
in pre-tax profits with a record Ksh 1.22 billion earnings, up from
Ksh 472 millionprimarily due to increased production volumes of
Hass and Pinkerton avocados and an increased contribution from both
the macadamia and tea operations.
DIVID:
Your Board recommends an increase in the dividend per share to
Shs 24.00 compared to Shs 22.00 per share in 2021. The dividend
shall be paid on or about 15 June 2023 to the shareholders on the
members' register at the close of business on Wednesday, 31 May
2023.
ANNUAL GENERAL MEETING:
The Annual General Meeting of the Company will be held in the
Ballroom at Nairobi Serena Hotel, Nairobi on Tuesday, 16th May 2023
at 12.00 Noon.
BY ORDER OF THE BOARD
NICHOLAS NG'ANG'A
CHAIRMAN
21 MARCH 2023
INDEPENT 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 2022, 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 2022.
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 International Financial
Reporting Standards 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 21 March 2023. 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.
Management's Responsibility for the Condensed Financial
Statements
Management is responsible for the preparation of the condensed
Financial Statements in accordance with the Capital Markets
(Securities) (Public Offers, Listings and Disclosures) Regulation,
2002 ("the Regulations") as applicable to
summary financial statements.
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, Nairobi, Kenya
21 March 2023
Partners: D.M. Mbogho; A.N. Muraya; F. O. Aloo; J. Nyang'aya;
B.W. Irungu; I. Karim; F. Okwiri; F.O Omondi; F. Mitambo; P.
Seroney; D. Waweru; C Luo.
Deloitte & Touche, a partnership with registration No.
177912, converted to Deloitte & Touche LLP Registration No.
LLP-A21DDP effective 14 June 2021
Associate of Deloitte Africa, a Member of Deloitte Touche
Tohmatsu Limited
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END
FR FIFLRVTIFFIV
(END) Dow Jones Newswires
March 22, 2023 03:00 ET (07:00 GMT)
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