Kakuzi has posted Sh341.3 million (€2.8 mln) in profit after tax for the half-year ended June 30, 2022, on the back of increased exports and a diversified portfolio. The agri firm said this year's net profits rose 75 per cent compared to the same period last year. The increase was driven by improved commodity prices and entry into new markets.
Kakuzi Managing Director Chris Flowers: "The prices for early season avocados were very poor, but they have slowly recovered as the months progressed. Having fruit in the market for as many months of the year as possible has helped shield us from the poor early season market. In addition, entry into China is vital for Kenya."
Flowers said prices in China may be similar to those in European markets, but the increase in volume provides an opportunity to diversify its exports.