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[2008-08-31] Kakuzi’s 2008 H1 Profits Drop Further Kakuzi Ltd, a company that derives its income from tea processing, cattle rearing, forestry and other horticultural operations, 2008 half-year pretax profit declined by 39.1% to Ksh.32.9 million compared with Ksh.23.3 million in the same period last year. The group's sales for the six months ended June 2008 dropped by 37.5% from Ksh.736 million last year June to Ksh 460 million this year. The firm turnover went down mainly due to unfavorable tea crop prices last year and the winding down of a deal with Del Monte Kenya Limited.
Earlier this year a deal between Kakuzi and Del Monte Kenya Limited for a joint canned pineapple venture came to an end. Del Monte had planted 226 hectares of avocadoes and 61 hectares of pineapples on behalf of Kakuzi. This enabled Kakuzi to export a diversified portfolio of agricultural produce. Kakuzi is mainly involved in tea and horticulture with about 60% of its total revenue emanating from horticultural sales, while tea contributes 34% of the total.
