Limuru Tea Company has issued a profit warning for the financial year ending December 31, 2023, anticipating a more than 25 percent drop in profit.
The company has attributed the anticipated loss to the high cost of importing fertilizers, the depreciation of the Kenyan shilling, and a projected loss in biological asset valuation last year.
Further, the company has blamed the poor performance on the increased cost of labor.
“Based on preliminary review of the financial statements of the Company, the company is expected to record a decline of more than 25% in profit before tax attributable to the shareholders of the company for the year ending 31 December 2023,” read a statement by the company’s Chairperson, Dorcas Muli.
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