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Kakuzi H1 profit falls YOY

Kakuzi Plc said its first-half normalized net income was 1.44 Kenyan shillings per share, a decrease of 20.2% from 1.81 shillings per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 28.2 million shillings, a decrease of 20.2% from 35.4 million shillings in the year-earlier period.

Total revenue declined 6.1% on an annual basis to 420.2 million shillings from 447.6 million shillings, and total operating expenses decreased from the prior-year period to 426.8 million shillings from 435.0 million shillings.

Reported net income declined 11.3% on an annual basis to 43.4 million shillings, or 2.22 shillings per share, from 49.0 million shillings, or 2.50 shillings per share.

As of Aug. 11, US$1 was equivalent to 100.95 Kenyan shillings.