Sasini Tea 2017 Profits down by 41.2% to KES 339.4 Million
Listed Agricultural company Sasini Limited released its Full Year 2017 results that saw it post an after tax profit of KES 339.4 million compared to a restated profit of KES 576.9 million in 2016 representing a 41.2% decline.
The company’s 2017 revenue increased by 18% to KES 4.2 billion compared to KES 3.6 billion in 2016. The company attributes this increase due to ‘stronger’ tea prices. Coffee prices reduced and remained subdued due to a build up of inventories in the consuming countries.
There was a slight improvement in tea production to 11.2 million kgs in 2017 compared to 11.1 million kgs in the prior year despite experiencing severe weather conditions in the year. Coffee production on the other hand went down to 851 tons compared to 944 tons in the previous year.
Going forward the company has engaged in a diversification strategy and expects to commission Macademia Nut Processing in April 2018.
The board declared a final dividend of KES 0.75 per share of which the book closure date will be 26 January 2018.
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