Listed agricultural company Sasini Limited a company involved in growing, processing, warehousing and marketing of tea and coffee released their full year results for the period ending 30th September 2016.
The group’s revenues increased by 28.2% from Ksh 2.786 Billion to Ksh 3.570 Billion. The increase in turnover is attributed to a surge in tea production where the company managed to produce 11,108 tons in 2016 compared to 8,578 tons the previous year. Coffee production increased marginally from 933 tons to 944 tons.
Gross Profit increased by 32.9% from 733 million to 974 Million. The resultant 30% decrease in net profit from Ksh 1.1 Billion to Ksh 761 million according to the company’s statement was due to:
- An increase in the tax charge for the year to Ksh 258.9 Million compared to a credit of Ksh 61.9 Million in the previous reporting period due to the derecognition of a deferred tax asset in one of their subsidiary companies.
- Profit arising from the restructuring of non performing assets contributed Ksh 422.7 Million compared to Ksh 830.7 Million in the previous year.
Sasini declared a second interim dividend of (125%) Ksh 1.25 per share making the total dividend payout for FY 2016 at Ksh 1.50 per share.
In the markets Sasini was spotted trading a volume weighted average price Ksh 17.70/share on Friday 20th 2017. Sasini’s share price is roughly down 8% since the beginning of 2017.
Source: (Sasini, Kenyan WallStreet, FT)
