Kakuzi Plc, an agricultural cultivation and manufacturing company partly owned by Kenyan businessman John Kimani, reported exceptional financial results at the end of its 2022 fiscal year.
The company’s profit during the period under review has surpassed the $8-million mark, reflecting a staggering 164.6-percent increase from Ksh319.7 million ($2.4 million) in 2021 to Ksh845.8 million ($6.4 million), according to the group’s recently published financial results.
The group’s impressive profit increase, resulting in a recommended dividend of Ksh22 ($0.167) per share and a total payout of Ksh431.1 million ($3.28 million), can be attributed to a surge in revenue driven by improved operating conditions.
Kakuzi’s revenue grew by 34.5 percent during the period under review, reaching Ksh3.29 billion ($25 million), thanks to increased production and exports of key products, particularly avocados.
The group’s remarkable earnings increase during its 2022 fiscal period has had a positive impact on its financial position. Notably, the group’s total assets increased from Ksh6.61 billion ($50.3 million) to Ksh7.14 billion ($54.3 million), while retained earnings rose from Ksh4.97 billion ($37.8 million) to Ksh5.34 billion ($40.6 million).
Kakuzi is a leading agro-allied company that trades on the Nairobi Securities Exchange. Avocados, blueberries, macadamia nuts, tea, cattle, and commercial forestry are among the products grown, processed, and sold by the corporation.
The company’s board of directors includes John Kimani, who holds a substantial interest in Kakuzi, amounting to 34.54 percent, or 6,762,133 shares, with an estimated market value of Ksh1.62 billion ($12.3 million) at the time of this report. Kimani’s investment in the company has made him one of the wealthiest investors on the Nairobi Securities Exchange.
Kakuzi made history last year as the first commercial exporter of African avocados to China, shipping 180 tonnes of fruit in nine containers.
As part of its diversification strategy, the company plans to increase its export volumes to the Chinese market for its Hass Avocado variety fruit by four times.