Kakuzi Ld
31 August 2001
DIVIDEND ANNOUNCEMENT AND EXTRACT FROM THE INTERIM FINANCIAL REPORT
FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2001
The unaudited results for the Kakuzi Group for the six months ended 30 June 2001
and the comparative figures for the previous year are as follows:
30 June 2001 30 June 2000
Sh '000 Sh '000
Turnover 640,961 661,135
Operating profit 31,894 88,995
Net finance costs (51,598) (62,772)
(Loss)/profit before tax (19,704) 26,223
Tax 13,073 (2,819)
(Loss)/profit after tax (6,631) 23,404
Minority interests 2,780 5,179
(Loss)/profit attributable to the members
of Kakuzi Limited (3,851) 28,583
Sh Sh
Basic (loss)/earnings per stock unit (0.20) 1.46
The results for the six months ended 30 June 2000 included an exceptional item
of Sh 43.8 million relating to the sale of the lease of Cotts House, an office
building in central Nairobi.
PROSPECTS AND DIVIDEND
World coffee prices remain extremely depressed, although Kenyan prices have
suffered less during recent months due to the sharp reduction in the amount of
coffee now being produced in Kenya. Much will depend upon the prices available
at the Nairobi coffee auction during the next four months when most of our early
crop will be sold. Favourable weather conditions this year have increased tea
production throughout Kenya and prices have declined accordingly. A record tea
crop is forecast for Kenya this year and we do not expect any significant
recovery in the tea price in the near future. Pineapple prices have been
adversely affected by increased production in South-East Asia. In view of the
loss recorded for the first six months of the year and the uncertainty
surrounding coffee, tea and pineapple prices for the second half of the year,
the Directors have decided not to declare an interim dividend.
DR T R FOWKES
CHAIRMAN
31 August 2001