Eaagads Limited more than doubled its pre-tax profit for the year ended 31 March 2026, as a sharp rise in coffee prices more than offset a steep drop in the volume the Kiambu based grower brought to market.
The Nairobi Securities Exchange listed company reported audited results on 28 July 2026, showing profit before taxation of KES 39.2 million, up 125% from KES 17.4 million a year earlier.
Revenue fell to KES 257.4 million from KES 277.3 million, as sales volume dropped 33%, or 87 tonnes, to 264 tonnes. Production itself declined a smaller 5%, or 14 tonnes, to 281 tonnes, a shortfall the company attributed to high temperatures during the growing season.
What saved the year was pricing: the average sales price rose 32% to USD 7.6 per kilogram of clean coffee, enough to turn a smaller harvest into a bigger profit.
The Numbers Behind the Turnaround
| Metric | FY2026 | FY2025 | Change |
|---|---|---|---|
| Revenue | KES 257.4 million | KES 277.3 million | Down 7% |
| Gross profit | KES 98.9 million | KES 86.3 million | Up 15% |
| Profit before taxation | KES 39.2 million | KES 17.4 million | Up 125% |
| Profit for the year | KES 27.6 million | KES 11.8 million | Up 133% |
| Basic and diluted earnings per share | KES 0.86 | KES 0.37 | Up 132% |
| Sales volume | 264 tonnes | 351 tonnes | Down 33% |
| Average sales price | USD 7.6/kg | USD 5.76/kg | Up 32% |
| Total equity | KES 1.44 billion | KES 1.29 billion | Up 12% |
| Cash and cash equivalents | KES 43.9 million | KES 31.6 million | Up 39% |
The company’s balance sheet strengthened alongside earnings. Total comprehensive income for the year reached KES 149.9 million, reversing a KES 142.8 million loss the prior year, largely on the back of a KES 122.3 million gain in other comprehensive income tied to asset revaluation. Net cash generated from operating activities nearly doubled to KES 43.7 million.
The board did not recommend a dividend for the year, matching its position the previous year, choosing instead to retain earnings as the company invests in climate resilience measures. Deloitte & Touche audited the accounts and issued an unqualified opinion.
Why Prices Rose While Kenya’s Wider Coffee Market Softened
The Nairobi Coffee Exchange traded a record 26,184.84 metric tonnes of coffee in the first quarter of calendar 2026, its strongest opening quarter on record, according to reporting by the Kenyan Wallstreet.
Auction value rose 22.6% year on year to KES 22.43 billion. Yet the record supply came at a cost to growers: the average price per 50 kilogram bag fell 27% in a single quarter, from USD 391.15 between October and December 2025 to USD 286.82 by March 2026, as heavier volumes pushed grade mix and pricing lower for many farmers.
Eaagads appears to have moved against that current by leaning on quality over volume. The company sells predominantly through the Nairobi Coffee Exchange but also secures direct sales to international buyers, a strategy that has let it command premium pricing even in periods when broader auction averages soften. That premium positioning echoes a wider trend in Kenya’s specialty coffee segment, where direct trade platforms such as the African Coffee Trade Fair have pushed top micro lot prices from USD 35 per kilogram in 2024 to a record USD 120 per kilogram in 2026, rewarding growers who can demonstrate quality and traceability rather than compete purely on tonnage.
Kenya’s coffee exports are forecast to grow 11.9% to 940,000 bags in the 2026/27 season, even as the pricing environment those volumes will meet looks weaker than the one that encouraged the recent planting and supply surge.
Tea’s Parallel Struggle
Kenya’s tea sector, the country’s other major cash export crop, has faced a similar squeeze from a different direction. At the Mombasa Tea Auction in June 2026, Kenyan tea fetched an average of KES 299.28 per kilogram, trailing Rwandan tea at KES 354.75 per kilogram in the same sale, a gap industry figures have linked partly to a new tea levy weighing on grower returns. Even so, Kenya remains the structural anchor of the East African tea trade, offering roughly 186.2 million kilogrammes at auction in the first half of 2026 alone, far outpacing Uganda, Rwanda and Tanzania combined, and generating cumulative export earnings of about KES 55 billion over the same period.
Together, the coffee and tea numbers point to a common theme across Kenya’s agricultural export sector this year: volume alone no longer guarantees returns. Buyers and auction dynamics increasingly reward quality, direct market access and cost discipline over sheer tonnage, a shift Eaagads’ results suggest it is currently navigating better than many of its peers.
What Comes Next
Eaagads expects a rebound in production for the 2026/27 season, targeting around 320 tonnes split between an early crop of 170 tonnes and a late crop of 150 tonnes, supported by favourable rainfall projections.
The company is also expanding its area under coffee farming and investing in water harvesting to guard against the kind of temperature related shortfalls that hit this year’s output. If pricing holds anywhere near current levels, that combination of recovering volume and continued quality focus could extend the profit gains reported this year into the next.
