Kenya Orchards Plc says its net profit for the financial year 2020 will be lower by more than 25 percent compared to 2019.
The company in its profit warning announcement said the COVID-19 pandemic has adversely impacted its overall profitability, leading to the lower financial projection.
“Most of our customers have been affected negatively by COVID19 and therefore overall business is down,” said the company.
“This announcement is based on indicative financials of the company with regards to the year ending 31 Dec 2020.”
Compared to its net profit of KSh8.43 million realized in 2019, it means the listed firm at the NSE expects a drop in profit of more than KSh2 million in the year ending December.
Kenya Orchards Plc manufactures and sells fruit and vegetable bottled and canned products for domestic consumption in Kenya.
The company also produces a range of spices and seasonings. Products in its bottled range include fruit jams, tomato paste, tomato sauce, maple syrup, mayonnaise, custard powder, white vinegar used as a meat tenderizer, and corn starch.