Sharp Daily
No Result
View All Result
Saturday, June 7, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

Kakuzi warns of at least 25% plunge in 2023 earnings

Brian Murimi by Brian Murimi
December 6, 2023
in News
Reading Time: 1 min read

Kakuzi Plc, a major agricultural company in Kenya, warned Tuesday that its full-year 2023 earnings may plunge by at least 25% compared to 2022, dragged down by significant losses in its macadamia nut business.

The company said in a profit warning announcement that its macadamia segment is now expected to post losses due to “a significant decline in demand and price in the global markets of China, Japan and the USA.”

“This anticipated drop in full year net earnings is mainly as a result of our Macadamia business which is expected to post a loss due to a significant decline in demand and price in the global markets of China, Japan and the USA,” the company’s announcement said.

At the same time, Kakuzi said its other crops like avocados are still performing well and it expects “a strong performance” from avocados. But that won’t make up for the hit from collapsing macadamia prices and demand.

RELATEDPOSTS

Inside Kakuzi limited: Kenya’s agricultural powerhouse

August 20, 2024

Kakuzi workers get 16% pay rise in new deal with union

January 10, 2024

The steep profit warning comes even after Kakuzi reported a 65% plunge in first-half 2023 earnings compared to a year earlier. Net profit crashed 66% to KES 117.5 million.

The number of Kenyan companies issuing profit warnings has reached 10, after Crown Paints and WPP Scangroup joined the list of firms anticipating lower earnings this year.

Since March, Longhorn Publishers, Sasini, Car & General, Nation Media Group, Centum Investment Company, Unga Group, and Kenya Power have also warned investors to expect decreased profits. Most companies attribute the downward revisions – which could impact dividend payments – to challenging economic conditions, including rising operating costs.

With the addition of Crown Paints and WPP Scangroup, there are now 10 listed Kenyan companies that have warned of lower profits in 2023.

Previous Post

Solar irrigation, e-buses big winners in UK-Kenya climate pact

Next Post

OPINION: Collaboration is key for real estate sector to reduce environmental impact

Brian Murimi

Brian Murimi

Brian Murimi is a journalist with major interests in covering tech, corporates, startups and business news. When he's not writing, you can find him gaming, watching football or sipping a nice cup of tea. Send tips via bireri@thesharpdaily.com

Related Posts

News

Co-op Bank posts KES 6.9 billion profit in Q1’2025

May 16, 2025
Agriculture And Economy
News

Lets get Kenya out of FATF list

May 9, 2025
News

The downside of Impact Investing

May 2, 2025
News

Leadership challenges at the University of Nairobi

April 24, 2025
News

Easter eggs and earnings: Growing your nest egg with CMMF

April 16, 2025
News

Geoffrey Ruku declares KES 377M net worth during CS vetting

April 15, 2025

LATEST STORIES

How Kenya’s E-Mobility shift could redefine urban planning

June 5, 2025

Economic liberators are the real heroes and heroines of the year

June 5, 2025

Affordable retirement planning for small businesses with CURBS

June 5, 2025

How Kenyan banks can modernize without marginalizing

June 4, 2025

Human rights concerns over activists’ treatment in Tanzania

June 4, 2025

Decoding stock-based compensation

June 4, 2025

Comparative advantage is the secret to real economic take off

June 4, 2025

Understanding inflation and its impact on everyday life

June 4, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024