Kakuzi to increase its dividend to KShs 18 per share
Agricultural firm Kakuzi PLC posted has reported a 13% decline in net profit to KSh 622 Million at the close of the period ended 31st December 2020 compared to a net profit of KSh 713.4 for the same period 2019.
The firm’s pre-tax profit declined to KSh 847.5 Million in 2020 from the previous KSh 1,014 Million in 2019.
The listed firm achieved robust results for the year, despite the uncertainty in its main sales markets caused by the COVID-19 Pandemic.
“The pandemic created significant disruption in our main European markets with the almost complete closure of the Food Service sector. Despite this, demand for avocados remained resilient through the retail sector and was able to absorb the very high volumes which arrived in Europe from all origins, albeit at reduced price levels,” said Nicholas Ng’ang’a, Chairman of Kakuzi’s Board of Directors.
Shareholders are expected to approve payment of the first and final dividend of KSh 18.00 per share for the financial year ended 31st December 2020 during their 93rd Annual General Meeting(AGM) to be held via virtually 18th May 2021.
This is compared to KSh 14 per share paid out in 2019.