Listed tea processor, Kapchorua Tea Kenya Plc, has reported a profit of KSh19.4 million according to its audited accounts for the financial year ended 31st March 2020. This is compared to a loss of KSh125.7 million during the previous financial year.
Directors have recommended a dividend of KSh10 per share to be paid out of retained earnings.
The recommended final dividend, subject to approval, will accrue to the members on the register at the close of business on 30th July 2020.
At the end of its financial year in 2019, Kapchorua tea issued a profit warning after its forecasts indicated that several financial obligations would lower its earnings by at least 25%.
Kapchorua Tea is a subsidiary and shares a board with Williamson Tea which is its biggest shareholder. Both firms are scheduled to hold a joint AGM on 2Oth August 2020.
At its AGM, members will seek to amend the firm’s articles of association to allow for holding of annual general meetings, extraordinary general meetings and board meetings virtually and for voting to be carried by electronic means.
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