Kakuzi's pretax profit increased more than threee times in the first half of 2010 thanks to an improved performance in its tea operations and reduced financial costs, lifting its share price.
Pretax profit for Kakuzi incresaed by 255 percent to 194.5 million shillings.
"The improved profit over the equivalent period last year has been due to satisfactory returns from our tea operations together with significantly reduced finance costs and a weaker Kenya shilling," the firm said in a statement.
Earnings per share surged 1,523 percent to 4.22 shillings but Kakuzi said its directors did not recommend paying an interim dividend.
Kenya is the world's leading exporter of black tea. High rains this year have boosted production and reduced prices compared to last year when drought ravaged Kenya.
Kakuzi's shares reached a high of 100 shillings in early trade on the Nairobi Stock Exchange and traded at 80 shillings, unchanged from Wednesday's close.
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About Kakuzi
Kakuzi Limited is a Kenya-based company engaged in the cultivation, manufacture and marketing of tea. The Company is also engaged in the growing and marketing of avocados, livestock farming, growing of pineapples, growing of other horticultural crops and forestry development. Kakuzi Limited’s subsidiaries include Estates Services Limited, Siret Tea Company Limited, and Kaguru (EPZ) Limited. Kakuzi Limited has a joint venture agreement with Del Monte Kenya Limited, for the growing of pineapples. The pineapples are processed and sold by Del Mote Keya Limited, who acts as the operating/manager of the joint venture. The Company’s parent company is Camellia Plc.
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