Williamson Tea has posted a net profit of KSh33.9 million in the half-year period that ended on 30th September 2020, a 151% increase from the loss of KSh65.9 million in September 2019.
The agricultural company attributes the good performance to favorable weather and strong support from smallholder tea farmers in the country.
Williamson tea managed to grow its revenue and net profit, even with the record low tea prices in the international market and the uncertainties caused by the covid19 pandemic.
The firm’s half-year revenue increased by 45% to KSh1.91 billion from KSh1.32 billion in September 2019.
“It is a credit to our management and workforce that some profit has been recorded thus far,” the company said in the financial report. According to the listed Agricultural company, “the outlook remains very difficult.”
Williamson Tea is involved in other business activities besides the cultivation, manufacture and sale of tea. The business invests in property, and sells and services generators.
The company says it has begun the liquidation of its generator sales and service segment after the Board of directors approved the winding up of the unit.
