Listed firm Eaagads has reported a 121% increase in net earnings in the half-year period that ended on 30th September 2020 to KSh9.2 million from a net loss of KSh43 million in the same period in 2019. The sharp growth was largely driven by a big jump in revenue which increased to KSh67 million from KSh14.9 million in September 2019.
Eaagads says that favourable weather conditions helped the company achieve its target. However, the price of coffee in the international market declined as a result of low demand for coffee caused by Covid 19 containment measures.
The coffee producer and marketer expects a lower coffee harvest of 250 tons in the second half of the year compared to its earlier projection of 350 tons. Directors of the company did not recommend an interim dividend for the period that ended on 30 September 2020.
