Limuru Tea has posted a pre-tax loss of KSh19.6 million in the first half of 2024 compared to a pre-tax loss of KSh2.4 million in 2023.
- This decline in performance is driven by adverse market prices which lowered turnover. This was however mitigated by higher volume realized in the first half of 2024 compared to the same period in 2023.
- Inflation on key material costs pushed up the cost quite significantly, but the Management says it put in place cost efficiency programs to mitigate the impact.
- The Company produced 1,929 tons of Green Leaf, which in turn was manufactured into 414 tons of Black Tea. This was a 26 per cent increase in Made Tea volumes compared to the first half of 2023.
The increase was due to the high rainfall recorded between January and March 2024 and El Niño thereafter in April and May 2024. In the first half of 2024, we have experienced a decline in prices due to local and international market dynamics.
Total revenues decreased by 14 per cent to KSh52.8 million in the period compared to KSh61.6 million realised in the same period of 2023.
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