Listed agricultural firm Williamson Tea has moved from a loss territory to post a Net Profit of KSh 137 Million for the financial year ended 31st March, 2020. This is compared to a loss of KSh 172 Million in the same period last year.
Its loss from operations decreased to KSh 33 million at year ended 31st March 2020 from a loss of KSh 239 million the previous year.
Net finance income rose to KSh 60.9 Million from KSh 18 Million at the end of 2019 financial year.
Gross profit increased to KSh 104.1 Million at the end of 31st March 2020 compared to a loss of KSh 212 Million the previous year.
The firm’s audited results also indicate that its total comprehensive income increased to KSh 176 million from a loss of KSh 172 million the previous financial year.
The Directors have recommended a final dividend of KSh 20 per share, subject to shareholders’ approval. The dividend will be paid to members on the register at the close of business on 18th August 2020.
The firm sees bright prospects this year, based on extremely favourable weather conditions and huge increases in tea supply in Kenya.
“We shall continue to focus on crop quality and manage our costs as we await improvement in the market”, said G . K Masaki, the Company Secretary in a statement on behalf on the Board.
The company will conduct a virtual AGM on Thursday 20th August 2020 at 11.00 a.m.