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Kakuzi Ld. (KAKU)

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Thursday 10 March, 2005

Kakuzi Ld.

Final Results

Kakuzi Ld
9 March 2005


                                 KAKUZI LIMITED


      ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 DECEMBER 2004

                                                 2004                2003
                                              Shs'000             Shs'000
Sales                                       1,424,503           1,435,388
                                             ========            ========
                __________________________________________________________
                Continuing                  1,393,129           1,249,509
                operations
                Discontinuing operations       31,374             185,879
                __________________________________________________________
Operating                                     131,578              78,500
profit
                __________________________________________________________
                Continuing                    179,795             227,681
                operations
                Discontinuing operations     (48,217)           (149,181)
                __________________________________________________________
Finance costs                                (38,582)            (42,111)
(net)
Exceptional loss - impairment                       0            (56,059)
of assets
                                             ________            ________
Profit/(loss) before tax and after             92,996            (19,670)
exceptional item
                __________________________________________________________
                Continuing                    141,213             185,570
                operations
                Discontinuing operations     (48,217)           (205,240)
                __________________________________________________________
Income tax (expense)/credit                   (9,263)               7,875
                                             ________            ________
Profit/(loss) attributable to
the members of Kakuzi Limited                  83,733            (11,795)
                                             ========            ========

                                                  Shs                 Shs
Earnings/(loss) per stock unit - Basic and       4.27              (0.60)
Diluted
                                             ========            ========

                                              Shs'000             Shs'000
Dividends: -
Proposed final dividend for the year           19,600                0.00
                                             ========            ========

NOTES

The above results are extracted from financial statements audited by
PricewaterhouseCoopers, certified public accountants, and on which an
unqualified opinion has been given.

In 2003 the company adopted IAS 41 Agriculture which requires biological assets
to be measured at fair value less estimated point-of-sale costs.

On 7 January 2004 the company announced its coffee operations were to be
discontinued during 2004. Revenues and costs associated with Kakuzi's coffee
operations are reported as discontinuing operations. Costs of the coffee
division brought to account during 2004 amounted to Sh 48 million after
offsetting revenue from sales of coffee sticks and stumps. Additionally the
company received net income of Sh 25 million from the sale of coffee equipment,
vehicles and other coffee assets.

DIVIDEND

The Board will recommend to the stockholders the payment of a first and final
dividend in respect of the year ended 31 December 2004 of Ksh 1.00 per stock
unit (20%) subject to withholding tax where applicable. Subject to the
stockholders' approval, the dividend will be paid on 31 May 2005 to stockholders
on the register at close of business on 18 May 2005. The register will be closed
from 19 May 2005 at 4.30 pm to 21 May 2005 at 4.30 pm both days inclusive.

ANNUAL GENERAL MEETING

The Annual General Meeting of the company will be held on Thursday 19 May 2005
at 12.00 noon in the South Ballroom, Norfolk Hotel, Nairobi.

BY ORDER OF THE BOARD

DR T R FOWKES
CHAIRMAN
P O BOX 24, THIKA 01000
8 MARCH 2005

                      This information is provided by RNS
            The company news service from the London Stock Exchange