Eaagads Limited, a listed coffee grower and seller, is scheduled to hold its virtual Annual General Meeting(AGM) on 28th September 2021.
Shareholders of Eaagads Limited will consider and approve the audited financial statements for the financial year ended 31st March 2021, re-elect Evans Monari and George Kapanadze as directors and Ernst& Young as auditors.
According to the audited financial statements for the year ended 31st March 2021, Eaagads Limited made a net profit of KSh 1.8 Million from a loss of KSh 66.7 Million in 2020.
During the year under review, Eaagads produced 233 tonnes of coffee compared with 114 tonnes in 2020. The average price realized during the year 2021 also increased to US$ 5.52 per kilogram from US$ 3.75 per kilogram in 2020.
Eaagads Limited reported a profit before tax of KShs 4.7 million compared to a loss before tax of KShs77Million in the previous financial year. Revenue was KSh 139.6 Million in the year compared to KSh 48.6 Million in 2020.
Eaagads Limited 2021-22 outlook
In its outlook, Eaagad’s initial expectation for the 2021-22 crop is 235 tonnes. Due to extreme weather conditions, a lower harvest of 214 tonnes.
International coffee market prices have improved due to increased demand due to increased vaccination rollout and ease of COVID-19 restrictions.
According to ICO, Global 2020-21 production is forecast at 169.5 million bags and demand of 167.2 million bags. Production for 2021-22 is forecast to be lower than demand due to low production expectations in Brazil. Prices are likely to remain attractive in the 2021-22 coffee year as the world looks at depressed production.
The board of directors do not recommend payment of any dividend to shareholders.