Agro firm Kakuzi PLC has reported a Ksh453.5 million net profit for the full year ended December 2023.
This is 46.4 per cent lower than the Ksh845.8 million recorded in a similar period the previous year, weighed by losses in the macadamia business which recorded a pre-tax loss of Ksh354 million from a Ksh635 million pre-tax profit in 2022.
“Macadamia production in the year was 737 tonnes with sales volumes increasing from 2022 levels to 563 tonnes at an average price of $7.21 per kilogramme. This was approximately half the previous year’s value, where prices averaged $15.33,” stated Kakuzi.
Sales for the period rose 21.8 per cent to Ksh5.4 billion from Ksh4.4 billion in a similar period the previous year.
However, the avocado operations performed well registering a Ksh1.4 billion pre-tax profit compared to Ksh0.8 billion recorded in a similar period a year prior.
Despite recording a drop in profits, the Board of Kakuzi PLC has recommended a dividend per share of Ksh24.00 which shall be paid on or about June 15, 2024.
Last year, Kakuzi PLC issued a profit warning for the year ended 31st December 2023 attributing it to a fall in demand and price of macadamia in global markets.
Through a notice, the listed agro-processing firm warned that its profit for the trading period would shrink by at least 25 per cent compared to what it posted in a similar period in 2022.
Read: Kakuzi Issues Profit Warning On Decline In Demand Of Macadamia