This archive report was first published on 18 July 2020.
On July 18, 2020, Kapchorua Tea Kenya Plc, a listed tea processor, announced a significant turnaround in its financial performance, reporting a profit of KSh19.4 million for the financial year ended March 31, 2020.
This profit is a stark contrast to the previous financial year, when the company incurred a loss of KSh125.7 million.
According to the company's audited accounts, directors have recommended a dividend of KSh10 per share to be paid out of retained earnings.
The recommended final dividend, subject to approval, will accrue to the members on the register at the close of business on July 30, 2020.
It is worth noting that Kapchorua Tea had issued a profit warning in 2019, citing financial obligations that were expected to lower its earnings by at least 25%.
As a subsidiary of Williamson Tea, Kapchorua Tea shares a board with its biggest shareholder and is scheduled to hold a joint AGM with Williamson Tea on August 20, 2020.
At the AGM, members will seek to amend the firm's articles of association to allow for virtual meetings and electronic voting.
