Agricultural firm sasini Tea and Coffee will reward shareholders with a final dividend payout of KSh0.50 for every ordinary share after reporting back-to-back bumper profits in the financial year ended Sept. 2021.
Sasini approved a final dividend of KSh0.50 a share, totalling KSh114 million, according to an exchange filing Tuesday.
Sasini’s profit in the year through September surged 44.4 per cent to Ksh 573.2 million attributed to improved coffee prices, good weather conditions, depreciation of the Kenyan shilling and cost containment measures.
Sasini exports tea, coffee, macadamia, avocado and other agricultural produce. Sasini’s operations are located in Bomet, Nyeri, Mombasa, Kiambu and Nairobi counties in Kenya said:
“The coffee business had a strong performance based on high global prices of coffee, reduced supply due to growing disruptions in Brazi and Vietnam and good growing conditions in Kenya.”
“The macadamia business recovered in the second half of the year as global markets opened up on the back of relaxation of the containment measures for the Covid-19 pandemic. The avocado business registered good harvests and increased demand during the year, but its performance was affected by increased competition from competitor growing regions in South America.”
The dividend will be payable on or about March 15, 2022, to members on the register at the close of business on February 22, 2022 subject to withholding tax where applicable.
“The outcome will be a total dividend payable of Ksh 1:00 per share to the shareholders for the year ended Sept. 30, 2021.
On the Nairobi Securities Exchange, Sasini Tea and Coffee began the year with a share price of Ksh 18.70 and has since gained 9.89 per cent on that price valuation, ranking it fourth on the NSE in terms of year-to-date performance.