Table of Contents
Key Points
- Sasini Plc reported a loss of Ksh562.87 million ($4.35 million) for the 2024 fiscal year, despite a 20.55% revenue rise.
- Rising costs, including 45.09% higher sales costs, finance expenses, and administrative fees, contributed to the company’s loss.
- Sasini’s total assets grew 54.52% to Ksh25.19 billion ($194.62 million), signaling resilience and a focus on future profitability.
Sasini Plc, a major player in Kenya's agricultural sector and majority-owned by the country's wealthy Merali family, reported a loss for its 2024 fiscal year ending September 30, despite a significant rise in revenue.
Higher sales offset by rising costs
The company’s revenue increased by 20.55 percent, reaching Ksh6.89 billion ($53.24 million) compared to Ksh5.72 billion ($44.19 million) in 2023. However, it recorded a loss of Ksh562.87 million ($4.35 million), a notable contrast to the profit of Ksh542.56 million ($4.19 million) reported in the previous fiscal year.
The financial results highlighted growing cost pressures, with the cost of sales rising by 45.09 percent to Ksh6.3 billion ($48.73 million), up from Ksh4.35 billion ($33.58 million) in 2023. Increases in finance costs and administrative expenses also contributed to the loss, alongside higher production costs.
Merali family’s significant Sasini shareholding
Sasini Tea, a renowned agribusiness company, maintains active operations across the country cultivating and processing tea, coffee, avocado, and macadamia nuts. The company also focuses on value-added production for both domestic and international markets.
The Merali family, through Legend Investments Limited, Yana Towers Limited, and East Africa Batteries Limited, controls 65.46 percent of Sasini Plc, valued at Ksh2.53 billion ($19.58 million). This stake forms a significant part of the family's diverse investment portfolio.
Sasini focuses on growth amid loss
Despite the full-year loss, Sasini’s total assets grew by 54.52 percent, reaching Ksh25.19 billion ($194.62 million), up from Ksh16.3 billion ($125.96 million) a year earlier.
Total equity also saw a 53.86 percent increase, rising from Ksh13.81 billion ($106.72 million) in 2023 to Ksh21.25 billion ($164.21 million) in 2024.
The company is focusing on automation and streamlining operations, aiming to enhance future profitability. This focus, along with its strong asset growth, signals Sasini’s resilience and a promising path forward in Kenya’s agricultural sector.
