Interim Results

Kakuzi Ld
23 September 2003


                                 KAKUZI LIMITED

                 (Coffee, Tea, Livestock, Horticulture, Forestry)



        DIVIDEND ANNOUNCEMENT AND EXTRACT FROM THE INTERIM FINANCIAL REPORT

                    FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2003




The unaudited results for the Kakuzi Group for the period of six months to 30
June 2003 and the comparative figures for the previous year are as follows:

                                              30 June 2003        30 June 2002
                                                 Sh'000              Sh'000

Turnover                                        500,279             493,777
                                                 ======              ======

       Continuing operations         500,279              471,621
       Discontinued operations             0               22,156

Operating (loss)/profit                         (70,345)             15,253

       Continuing operations         (70,345)              16,354
       Discontinued operations            0                (1,101)

Net finance costs                               (12,906)            (32,780)

Loss before tax                                 (83,251)            (17,527)

        Continuing operations        (83,251)             (13,896)
        Discontinued operations            0               (3,631)

Tax credit/(charge)                              28,422              (5,237)

Loss after tax                                  (54,829)            (22,764)

Minority interests                                    0                (490)

Loss attributable to the 
 members of Kakuzi Limited                      (54,829)            (23,254)

                                                =======              ======
                                                     Sh                  Sh
Basic loss per stock unit                         (2.80)              (1.19)
                                                  =====               =====
Diluted loss per stock unit                       (2.80)              (1.19)
                                                  =====               =====

This interim financial report does not reflect the adoption of International
Accounting Standard 41 on Agriculture. Full adoption of this standard will be
effected for the 2003 annual financial statements subject to the timely receipt
of guidance from the relevant authorities.


The Company experienced difficult trading conditions for the six months period
due to persistently poor commodity prices coupled with the strengthening Kenya
shilling. The operating loss reported for the period incorporates a significant
write down of the value of coffee stocks held on 30 June 2003. In view of the
loss we are reporting for the first six months of the year and the continuing
uncertainty as to commodity prices and the Kenya shilling exchange rate during
the second half of the year, the Directors do not recommend the payment of an
interim dividend.







Dr. T R Fowkes

Chairman

25 August 2003







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