Final Results

Kakuzi Ld
05 April 2004

                                 KAKUZI LIMITED
          
          ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 DECEMBER 2003

                                                   2003                   2002
                                                Shs'000                Shs'000
Sales                                         1,310,780              1,082,190
                   ------------   ---------    ========   --------    ========
              Continuing          1,124,901                895,431
              operations
              Discontinuing         185,879                186,759
              operations            
                   ------------   ---------    --------   --------
Operating                                        78,500                 51,093
profit             ------------   ---------    --------   --------
              Continuing            227,681                231,246
              operations
              Discontinuing        (149,181)              (180,153)
              operations            
                   ------------   ---------    --------   --------
Finance costs (net)                             (42,111)               (62,027)
Exceptional loss - impairment of
                   assets                       (56,059)                     0
                                                 --------               --------
Loss before tax and
after exceptional
item                                            (19,670)               (10,934)
                   ------------   ---------    --------   --------
              Continuing            185,570                171,751
              operations
              Discontinuing        (205,240)              (182,685)
              operations            
                   ------------   ---------    --------   --------
Tax credit                                        7,875                  3,334
                                               --------               --------
Loss after tax                                  (11,795)                (7,600)
Minority interests                                    0                   (490)
Loss attributable to the                       --------               --------
members of Kakuzi Limited                       (11,795)                (8,090)
                                               ========               ========

                                                    Shs                    Shs
Basic loss per stock unit                         (0.60)                 (0.41)
Diluted loss per stock unit                       (0.60)                 (0.41)
                                        

NOTES

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

During the year the company adopted IAS 41 Agriculture, which requires
biological assets to be measured at fair value less estimated point-of-sale
costs. The prior year figures have been restated to reflect the adoption of IAS
41.

Included in operating profit is the gain arising from the changes in fair value
less estimated point-of-sale costs in 2003 of Shs 92.9 million (2002 Shs 39.5
million). The exceptional loss relates to the impairment of assets within the
coffee division.

Coffee prices in Nairobi during 2003 were even lower than in recent years. 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,
together with the corresponding figures for Garton Limited which was sold on 27
February 2002, are reported as discontinuing operations. Tea prices also
weakened during 2003, but reduced earnings from coffee and tea were offset by
improved results from avocado exports and pineapple. Finance costs were well
contained.

DIVIDEND

The Directors do not recommend the payment of a dividend for the year 2003.

ANNUAL GENERAL MEETING

The Annual General Meeting of the company will be held on Thursday 20 May 2004
at 12.00 noon in the Allamanda Room, Serena Hotel, Nairobi.

BY ORDER OF THE BOARD

DR T R FOWKES
CHAIRMAN
P O BOX 24, THIKA 01000
2 APRIL 2004




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