Williamson Tea Kenya turned a loss into a profit of KSh284.12 million in the six months to September 2026. Its associate, Kapchorua Tea Kenya, lifted net profit 37.9 percent to KSh131.24 million.
Investors at the Nairobi Securities Exchange (NSE) have not priced the two stocks alike this year.
Williamson Tea moves from loss to profit
Williamson’s revenue rose 24.8 percent to KSh2.11 billion from KSh1.69 billion. Operating profit reached KSh260.55 million, against an operating loss of KSh111.58 million a year earlier. Operating margin moved to 12.4 percent from negative 6.6 percent.
Two other lines added to earnings. Income from associates grew to KSh52.10 million from KSh37.65 million, and gains on the value of biological assets rose to KSh56.91 million from KSh45.74 million. Earnings per share came in at KSh7.97, against a loss of 27 cents in the same period last year.
The revenue figure is the highest for the period since September 2023, when Williamson booked KSh2.25 billion. It then fell to KSh1.98 billion in 2024 and KSh1.69 billion in 2025, two straight years of decline.
Williamson credits “improved sales realisations and management’s continued focus on operational efficiency and product quality.”
Kapchorua grows profit faster than sales
Kapchorua’s revenue rose 12.4 percent to KSh932.68 million. Operating profit climbed 77.4 percent to KSh133.35 million, and operating margin widened to 14.3 percent from 9.1 percent. Earnings per share rose to KSh8.39 from a restated KSh6.08.
Sales have not returned to their 2024 level. Revenue stood at KSh829.89 million in September 2025 and KSh1.09 billion in September 2024.
Kapchorua’s commentary opens with the weather: “Despite prolonged dry weather earlier in the year,” it says, the company gained from improved market conditions, operational efficiency and product quality.
Cash flow splits the two companies
Williamson’s net cash from operating activities more than tripled to KSh361.31 million from KSh113.73 million. Kapchorua’s fell 30.3 percent to KSh200.49 million from KSh287.75 million, even as profit rose.
Both companies also paid out the dividends declared for the year to March 2026. Williamson paid KSh494.80 million to shareholders and KSh22.68 million to minority holders. Kapchorua paid KSh460.91 million and borrowed KSh69.95 million. Its cash and bank balances ended September at KSh562.36 million, against KSh749.91 million a year earlier.
The payouts followed a decision to draw on retained earnings, with dividends above net income for the year. Williamson declared KSh15 a share, KSh525.3 million in total. Kapchorua declared KSh30 a share, KSh469.4 million in total.
How the shares traded at the NSE in 2026
Williamson (WTK) moved in a narrow band. Prices imply an opening near KSh149.50: it closed at KSh148.25 on 22 January, down 0.84 percent for the year, then KSh144.50 on 20 February. The stock jumped after the March year results.
On 26 June it rallied 13.1 percent to close at KSh150.25. It reached KSh159.00 on 9 September and KSh160.25 on 2 October, then closed at KSh153.50 on 6 November. That is a gain of about 3 percent for the year.
Kapchorua (KAPC) ran much further. The shares began the year at about KSh229.25 and traded at KSh240.50 on 10 April. By mid July they stood at KSh341.00, up 48.8 percent. On 9 October they closed at KSh343.50, a market value of KSh5.38 billion against KSh3.62 billion at the end of 2025.
They then slipped to KSh318.00 on 3 November, recovered to KSh330.50 on 6 November, and lost KSh10.25 to KSh325.00 on 11 November. Data providers put the gain for the year between 41 and 44 percent, depending on the opening price used.
The NSE All Share Index was up 28.94 percent for the year on 12 November. Kapchorua beat the market by a wide margin, and Williamson trailed it.
The pairing matters for holders of Williamson. It owns 39.56 percent of Kapchorua, or 6.19 million shares. At the 6 November closing price, that stake was worth about KSh2.05 billion, or 38 percent of Williamson’s own market value of KSh5.38 billion. Kapchorua’s half-year revenue is under half of Williamson’s group figure, yet the two companies carry near equal market values.
Both dividends yield about the same on 6 November prices: Williamson’s KSh15 equals 9.8 percent and Kapchorua’s KSh30 equals 9.1 percent. Both companies doubled their share counts through one for one bonus issues in October 2025, and both shares hit record highs in early October 2025 before the books closed. This year’s prices trade on the larger share base.
The outlook carries two risks
Management does not expect conditions to settle. Both companies state that “the outlook remains unpredictable with international conflict and a forecast El Niño weather event,” a warning that reaches macroeconomics and markets.
Tea demand has one new opening. Khusoko reported that Sudan lifted its ban on Kenyan tea, a market that bought about 35 million kilogrammes a year, although the start date is unconfirmed. For more on listed producers, see Khusoko’s agriculture, markets and company coverage.
The next test comes with the full year results in June 2027. Williamson has proved it can make money on higher sales. Kapchorua must show that profit growth can continue while its cash balance falls.
