The Listed Agriculture firm Sasini Plc posted a Net Profit and Non-controlling Interest (including the changes in value of biological assets) of Sh 573.20 Million for the financial year ended September 31st 2021 compared to KSh 12.6 Million the previous year.
This comprises of a profit from operating activities of KSh 438.06 Million (prior year profit of KSh. 74.25 Million) and KSh 129.78 Million gains from changes in the value of biological assets (prior year loss of KSh 57.98 Million).
“This performance is attributed to the Group’s increased turnover compared to prior year driven by a combination of improved prices in some commodities, depreciation of the Kenya Shilling, good weather conditions for growing resulting in higher coffee volumes, and cost containment measures within the Group,” said Dr. James Boyd McFie, Board Chairman and Martin R. Ochieng’,Managing Director in a signed statement.
Revenues were up to KSh 5.3 Million at the close of September 31st 2021 compared to KSh 4.1 Billion in 2020.
Pre-tax profit of Sasini Plc was up KSh 768.1 Million in 2021 compared to KSh 41.5 Million in 2020 while listed agri-business balance sheet size grew to KSh 15.1 Billion in 2021 from KSh 14.6 Billion in 2020.
The impact of mechanization of Tea harvesting continues to be a key driver in the cost containment measures of the company and the return to profitability.
The firm’s Coffee business had a strong performance based on high global prices for coffee,
reduced supply due to growing disruptions in Brazil and Vietnam and good growing conditions in Kenya.
The Macadamia business recovered in the second half of the year as global markets opened
up on the back of relaxation of the containment measures for the Covid-19 pandemic.
Sasini Avocado business was affected by stiff competition on the global market;
The Sasini Avocado business registered good harvests and increased demand during the year, but its performance was affected by increased competition from competitor growing regions in South America.
“Although the effects of the COVID_19 pandemic are still with us, we remain optimistic about our future. The Group’s liquidity is strong and will be able to support the Group’s business plans going forward. We continue to exercise prudent business decisions to withstand these negative effects from the COVID 19 pandemic and aim to continue delivering the desired results in this unpredictable environment,” said the firm in a statement.
Shareholders of Sasini Plc will received payment of a final dividend of KSh 0.50 per share for the year ended 30th September 2021, amounting to KSh 114 million.
This will be payable on or about 15th of March 2022, to members on the register at the close of business on 22 nd February 2022, subject to withholding tax where applicable.
The register will remain closed for one (1) day on 23rd February 2022.
The outcome will be a total dividend payable of KSh 1/- per share to the shareholders for the year ended 30th September 2021.