Half-year Financial Report

Kakuzi Ld

26 August 2026

 

KAKUZI PLC

EXTRACT FROM THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD OF SIX MONTHS TO 30 JUNE 2026

The unaudited results for the Kakuzi Group for the period of six months to 30 June 2026 and the comparative figures for the previous year are as follows:

Condensed Consolidated Statement of Profit or Loss and other Comprehensive Income
			30 June 2026		30 June 2025
			Shs'000		Shs'000
Sales			1,117,721		1,511,260
(Loss)/profit before fair value gain in non-current biological   assets and income tax			(23,454	)	409,666
Fair value gain in non-current biological assets			33,876		25,579
Profit before income tax			10,422		435,245
Income tax expense			(3,312	)	(139,707	)
Profit for the period			7,110		295,538
Other Comprehensive Income			-		-
Total comprehensive income			7,110		295,538
			Shs		Shs
Earnings per share (Shs):
Basic and diluted earnings per ordinary share			0.36		15.08

Condensed Consolidated Statement of Financial Position
									Audited
					30 June 2026		30 June 2025		31 Dec 2025
					Shs'000		Shs'000		Shs'000
EQUITY
Share capital					98,000		98,000		98,000
Other reserves					40,206		36,251		40,206
Retained earnings					5,123,342		5,337,797		5,116,232
Proposed dividends					-		-		313,600
Total equity					5,261,548		5,472,048		5,568,038
Non-current liabilities					1,270,570		1,303,861		1,256,730
					6,532,118		6,775,909		6,824,768
REPRESENTED BY
Non-current assets					4,166,296		4,054,964		4,072,891
Current assets excluding cash and bank     balances					2,487,646		2,243,123		1,565,481
Cash and bank balances					274,594		890,293		1,593,203
Current liabilities					(396,418	)	(412,471	)	(406,807	)
Net current assets					2,365,822		2,720,945		2,751,877
					6,532,118		6,775,909		6,824,768

Condensed Consolidated Statement of Changes in Equity
	Share capital		Other reserves		Retained earnings		Proposed dividends		Total Equity
	Shs'000		Shs'000		Shs'000		Shs'000		Shs'000
As at 1 January 2026	98,000		40,206		5,116,232		313,600		5,568,038
Profit for the period	-		-		7,110		-		7,110
Dividends paid	-		-		-		(313,600	)	(313,600	)
As at 30 June 2026	98,000		40,206		5,123,342		-		5,261,548

Condensed Consolidated Statement of Cash flows
			30 June 2026		30 June 2025
			Shs'000		Shs'000
Cash and cash equivalents at the beginning of the period			1,593,203		1,106,684
Net cash (used)/generated in operating activities			(739,671	)	11,871
Net cash used in investing activities			(258,868	)	(67,603	)
Net cash used in financing activities			(313,659	)	(156,861	)
Effect of exchange rate differences on cash and cash   equivalents			(6,411	)	(3,798	)
Decrease in cash and cash equivalents			(1,318,609	)	(216,391	)
Cash and cash equivalents at the end of the period			274,594		890,293

KEY HIGHLIGHTS The global avocado market was well supplied putting pressure on prices particularly in the latter part of the half year. At Kakuzi an anticipated significantly lower crop from our orchards and disrupted shipping routes has weighed heavily on returns with operating profit at half-year falling to Ksh 215.9million (Half year 2025: Ksh 394.9 million). The macadamia market softened sharply on rising global supply and weaker demand, resulting in a half-year operating profit of Ksh 68.2 million, compared to a profit of Ksh 318.8 million in half year 2025. Blueberry continued its trend of profitable growth, posting a half-year operating profit of Ksh 15.1 million (Half year 2025: Ksh 13.4 million), notwithstanding freight complexity caused by conflict in the Middle East. Forestry operating profit significantly improved in the half year to Ksh 73.3 million (Half year 2025: Ksh 42.9 million) on continued strong demand for poles. Tea and Livestock continue to perform in line with our expectations, with a slight strengthening of the tea market. Trading Performance The year-to-date trading in our two core crops has been negatively impacted by geo-political instability impacting key shipping routes into Europe, a lower anticipated overall avocado crop volume and a downturn in market demand for macadamia. The Directors do not recommend the payment of an Interim Dividend. BY ORDER OF THE BOARD NICHOLAS NG'ANG'A CHAIRMAN 25th AUGUST 2026

 

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