Eaagads has released its financial results for the period ended 30th September 2019. The company’s half-year revenue dropped to Ksh 14.9 million from Ksh 35.9 million recorded in the same period in 2018, a 58.6% decrease.
Eaagads reported Ksh 43.3 million loss in the six months period, which is a 7% improvement from the previous year’s loss of Ksh 46.6 million.
Average prices for coffee decreased by more than 25% in the period under review. Crop volume also decreased by 51%. This was due to the reverse drought in the first half of the year coupled with high temperatures that led to the poor flowering of the coffee crops.
The Board of Directors has not recommended the payment of an interim dividend for the six months that ended 30th September 2019.