Kenya Orchards Plc has reported a net loss of KSh 12.5 million at the end of 2020.
In 2019, it recorded a net profit of KSh8.43 million.
According to its profit warning issued in October, the COVID-19 pandemic has adversely impacted its overall profitability, leading to a lower financial projection.
“Most of our customers have been affected negatively by COVID19 and therefore overall business is down,” the company had said.
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.
Its revenue fell by 5% in the 12 months period to KSh 56.99 million in December 2020 from KSh60.0 million in December 2019.
The total cost of sales increased to KSh 48.8 million from KSh 48.6 million.
However, its expenses doubled to KSh7.5 million at the end of 2020, from KSh3.2 million at the end of 2019.