Williamson Tea Kenya has reported a decline in its full year financial result ending 31 March 2024 from KSh 564.2 million realized during the same period last year to KSh 526.9 million.
- The company registered a 4.3 per cent increase in its revenue to KSh 4.2 billion up from KSh 4 billion realized during the same period last year.
- During the year, an interim dividend of KSh 10.00 per ordinary share was declared and paid.
- The directors have proposed a final dividend of KSh 15.00 per ordinary share to be approved at the annual general meeting on 22nd August 2024.
The recommended final dividend, subject to approval, will accrue to the members on the register at the close of business on 31st July 2024. Thereafter, the register will remain closed from 1st August to 2nd August 2024, both days inclusive.
“Despite the positive results of the period, the prospects for the Company and Kenyan Tea Industry are dire. Tea prices have declined to unsustainable levels in the face of market saturation and the consequences of an estimated 200million/kg of unsold KTDA teas, whilst the Kenyan Shilling has also stabilized,” said the company.
“Dramatic action is required to enable the market to return to a normal dynamic and for prospects to improve. The destruction of all unsold KTDA teas and the removal of the auction minimum pricing system is needed with immediate effect.”
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