Kakuzi Limited has announced its annual financial results for the year ended December 31st December 2011. The company’s sales increased from Kshs. 2,113,774,000 to Kshs. 2,376,862,000 in the period representing a 12.45% jump in sales. The company’s total assets increased a substantial 22.27% from Kshs. 2,834,912,000 in the 2010 year to Kshs. 3,466,163,000 in the year ended 31st December with the cash and cash equivalents increasing 69% from Kshs. 529,621,000 to Kshs. 897,332,000. Profits after tax increased 65.79% from Kshs. 388,666,000 in the previous period to Kshs. 644,397,000 in the period. Retained earnings increased by 25.7% in the year from Kshs. 1,849,757,000 to Kshs. 2,325,417,000. It is worth noting that the profits include a write-back of Kshs. 109 million due to the satisfactory conclusion of the claim against Kakuzi by Del Monte Kenya Ltd.
The directors recommend the payment of a dividend of Kshs 3.75 per share, 50% up from the previous period’s Shs 2.50 per-share dividend subject to shareholders’ approval. The dividend shall be paid on or about 30th June 2012 to the shareholders on the members’ register at the close of business on Thursday, 31 May 2012.
The positive financial results can be attributed to good international tea and avocado prices coupled with the record-low exchange rate during last year that was favourable to the company, receiving more Kenya shillings per dollar upon export of its products.
The Annual General Meeting of the company will be held on Wednesday, 24 May 2012 at 12 noon at the Nairobi Serena Hotel to, among other things, approve and adopt the financial results.