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Kakuzi Ld. (KAKU)

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Thursday 31 August, 2000

Kakuzi Ld.

Interim Results, etc

Kakuzi Ld
31 August 2000

(Coffee, Tea, Livestock, Horticulture, Forestry)



The company's prospects will be greatly influenced by the timing of the end of
the current drought in the Makuyu area.  If this year's short rains were also to
fail, the impact on our various farming operations would be significant.  Good
rainfall has now returned in Nandi although we have suffered some hail damage. 
Tea prices have increased markedly since the beginning of the year, but power
shortages are creating serious operational problems.  Given the failure of the
long rains earlier this year and the record early crop which we have now
harvested, our coffee bushes are in remarkably good condition.  However the
profitability of our coffee operations will depend critically upon the extent to
which prices improve on the Nairobi auction when this year's early crop is sold
from September onwards.  Recent auction results continue at very low levels and
we are thus currently facing even more uncertainty than is normal at this time
of the year as to the level of profit we may expect for the year to 31 December
2000.  Consequently the Directors have decided to declare a reduced interim
dividend of SH0.40 per stock unit in respect of the year ending 31 December 2000
(1999 - Sh1.00 per stock unit).  Payment will be made, less withholding tax
where applicable, on or about 16 October 2000 to stockholders on the register of
the company at close of business on 29 September 2000 and the register will
remain closed on 29 September 2000.


The unaudited results for the Kakuzi Group for the period are:-

                                         30 June 2000      30 June 1999
                                         Sh'000            Sh'000

Turnover                                 661,135           544,276
                                         =======           =======
Operating profit                          45,173            60,881
Finance costs                            (62,772)          (49,991)
(Loss)/profit before exceptional item    (17,599)           10,890
Exceptional item                          43,822                 0
                                         -------           -------
Profit after exceptional item             26,223            10,890
                                         -------           -------
Taxation (charge)/credit                  (2,819)           27,239

Profit after taxation                     23,404            38,129

Minority interests                         5,179            (3,536)

Profit attributable to the members
of Kakuzi Limited                         28,583            34,593
                                          ======            ======
                                            Sh                Sh
Earnings per stock unit                    1.46              1.76
                                          ======            ======

                             INTERIM DIVIDEND

Ex Date               :   30/9/2000
Record Date           :   29/9/2000
Payment Date          :   16/10/2000


a d v e r t i s e m e n t