Sasini Plc posted a Net Profit and Non-controlling Interest (including the changes in the value of biological assets) of KES 1.17 billion in the financial year ended September 2022, double the KES 573.2 million it posted in the preceding similar period.
The latest profit represents the Nairobi Securities Exchange-listed firm’s first billion shillings since 2015, as the primary revenue drivers exceeded manamanagement’s expectations.
“The measures devised during the year effectively produced results manifested in high-quality products and consistent quality that attracted higher sales prices resulting in increased turnover to a record high compared to previous years.”
Sasini’s sales revenue increased by 36.3 per cent yearly to KES 7.34 billion from KES 5.39 billion. The cost of sales increased to KES 5.54 billion from KES 4.49 billion the previous year.
“We managed to grow revenue at a faster pace than costs of sales which is exceptional towards profit generation,” said the firm.
A KES 543.4 million gain from changes in the fair value of biological assets enhanced revenues during the review period as well. The previous year saw an increase of KES 514 million.
The improved performance occurred even though the fiscal year continued to experience the aftereffects of the Covid-19 pandemic, particularly in the first half of the year before the government lifted containment measures.
According to management, the focus for the current fiscal year is to continue exploring new business lines and ideas to expand and enhance shareholder value.
“Emphasis on quality coupled with quantity based on a sustainable model remains top on the agenda for delivery,” said the board.
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