Kakuzi Plc, the Nairobi Securities Exchange-listed agribusiness, has posted a net profit of Sh295.5 million for the six months ending June 30, 2025, down from Sh347.5 million recorded over the same period in 2024.

The results come against a backdrop of stronger macadamia and blueberry performances, set against weaker avocado and tea returns.

Total sales for the half year grew to Sh1.51 billion, up from Sh1.17 billion a year earlier.

Profit before income tax closed at Sh435.2 million compared with Sh507.1 million last year, while profit before fair value adjustments on biological assets and tax stood at Sh409.7 million.

Fair value gains on non-current biological assets rose modestly to Sh25.6 million from Sh21.5 million.

Read More

  1. Kakuzi targets fourth crop and export growth as it unveils its 10-year strategy
  2. Kakuzi challenges farmers in Kenya to diversify into US avocado export market
  3. Kakuzi reports Sh167 million pre-tax loss in 2024 as revenue drops to Sh4.79 billion

After accounting for an income tax expense of Sh139.7 million (2024: Sh159.6 million), the net profit for the period settled at Sh295.5 million.

Basic and diluted earnings per share stood at Sh15.08, down from Sh17.73 in 2024.

On the balance sheet, total equity rose to Sh5.47 billion from Sh5.81 billion in June 2024 and Sh5.33 billion at the end of December 2024.

Retained earnings increased to Sh5.34 billion, while share capital remained unchanged at Sh98 million.

Non-current liabilities stood at Sh1.3 billion, up from Sh1.24 billion last year.

The company’s net working capital closed at Sh2.72 billion, compared with Sh3.07 billion a year ago.

Cash and bank balances declined sharply to Sh890.3 million from Sh1.11 billion at the start of the year.

Net cash used in operating activities was Sh11.9 million, while investing activities consumed Sh67.6 million.

Financing outflows amounted to Sh156.9 million, mainly due to dividend payments, leaving cash equivalents down by Sh216.4 million over the six months.

Kakuzi’s divisional performance painted a mixed picture.

Avocado, its flagship export, posted a profit of Sh395 million, well below the Sh951 million achieved in 2024, reflecting reduced crop valuations and a saturated global market.

The company exported 165 containers (801,840 cartons) of avocados to Europe, where supplies from Peru, South Africa, and Colombia also weighed on prices.

The macadamia division surged, recording a profit of Sh319 million compared with just Sh32 million last year, thanks to stronger global demand.

Blueberries registered their first profitable half-year with Sh13 million, overturning a Sh17 million loss in 2024.

The tea business, however, widened its losses to Sh27.5 million from Sh3.5 million as weaker market prices dragged performance.

Managing Director Chris Flowers said the company had navigated volatile conditions with resilience.

“The year-to-date trading in our two core crops is in line with expectations. The international avocado market has been well supplied, with price levels reflecting this situation,” he said, adding that, “The earlier experienced shipping route challenges are also beginning to stabilise with an increasing number of voyages returning to the Red Sea routing.”

Mr Flowers further noted, “This (blueberry) business venture is now profitable, recording a half-year profit of Sh13 million compared to a Sh17 million loss for the same period last year.”

The board, chaired by Nicholas Ng’ang’a, confirmed that no interim dividend has been declared.

Kakuzi emphasised that its growth strategy remains anchored in strengthening Murang’a County’s economy and boosting national development through employment creation and foreign exchange earnings.