Kakuzi Plc on Tuesday reported a 28.6 per cent fall in net profit at KSh 194.6 million for the first six months of 2021 on slower market growth and price volatility in its key export markets.
The agricultural firm had posted a KSh 272.8 Million in H1 of the previous fiscal year.
The profit before tax for the half-year period ending June 2021 was KSh 276.7 million compared to KSh 204.1 million posted within the same period last year
Kakuzi Board chair Nicholas Ng’ang’a in an emailed statement said the firm tried to sustain trading growth and mitigate market risks through enhanced operating efficiencies.
The firm’s sales declined from KSh 889.9 Million in H1, 2020 to KSh 888.9 in H1, 2021. Its comprehensive income fell from KSh 272.8 Million in H1, 2020 to KSh 194.6 Million in H1, 2021.
“We anticipate that the COVID-19 Pandemic will continue to disrupt the potential of our markets to absorb our produce to a certain degree for the rest of this year.
“The harvesting of our flagship products, avocado and macadamia, began in earnest in June. The preliminary production data available at this stage indicates that the avocado crop output to market is significantly lower than 2020, whilst the macadamia crop is in line with earlier projections,” said Ng’ang’a.