Kakuzi PLC has recorded a 62 per cent growth in net year profit to Kes845 million for the financial year ended December 31, 2022, compared to the Kes319 million posted in 2021.
Avocado and Macadamia grower and exporter’s improved performance has seen the firm’s board recommend a dividend payout of Kes24 per share for the period up from the Kes22 payout the previous year.
The dividends shall be paid on June 30 2023 to the shareholders on the members register as at the close of business on Wednesday, May 31, 2023.
Kakuzi Managing Director Chris Flowers attributed the earnings growth to increased production volumes of quality export-grade Avocado as well as other products experiencing reasonable sales.
He said the earnings, underpinned by total sales revenue amounting to Kes4.4 billion, up from Kes3.2 billion posted the previous year.
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Further, Flowers said were also boosted by additional sales for forestry, livestock, and blueberry produce in the local market.
“The Kakuzi Plc market and product diversification strategies complimented by the enhanced environment, social and corporate governance commitments are paying off, as the trading results indicate. The diversification efforts help to mitigate market and production risks associated with agri-business however, international market trends will always impact our results,” Flowers said.
Additionally, Flowers said that the firm is gearing to quadruple its export volumes to the Chinese market for its Hass Avocado variety fruit as part of the market diversification efforts.
“We will continue to engage trade partners in China, as well as work with the Kenyan authorities to open up new markets for avocados in our quest to grow the Kenyan avocado industry,” Flowers said.
To accommodate the rising demand for high-quality superfoods around the world, Kakuzi has also increased the size of its avocado plantations by 60 hectares, from 927 hectares, at an investment cost of Kes120 million.
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