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Sasini Posts Sh12.61mn In Profit for the year ended September 30 2020

NAIROBI, Kenya, Jan 15- Sasini Limited has recorded a profit of Sh12.61 million in its financial results for the year ended September 30 2020, compared to a loss of Sh337.74 million it registered in a similar period last year.

The Group’s company secretary Lawrence Kibet through a statement said the rise in profit has been influenced by an increase in operating activities that were up by 124 percent.

At the same time, the business improved later in the year despite starting on a low note pegged on improved prices of the coffee and avocado business.

“This is made up of a profit from operating activities that hit Sh74.25 million compared to a loss of Sh314.19 million in the previous year,” said Kibet.

“The year began on a low note following the challenges experienced in the previous year and was made worse by the operational challenges occasioned by the effects of the COVID-19 pandemic, especially in the first half of the fiscal year. This subsequently improved later in the year with the coffee business registering improved prices despite low production due to weather related disruptions,” he added.

The tea business also saw improved production during the year but its results were dampened by the low-price realization mainly in the auction.

The macadamia business was however slowed to a halt mainly due to COVID-19 related market closures after the pandemic outbreak in the second quarter of the financial year.

Sasini however noticed minority interest loss of Sh3.66 million compared to a loss of Sh314.19 million prior to a year loss of Sh20.31 million.

The loss from changes in the value of biological assets was Sh57.98 million compared to Sh3.23 million it registered in a similar period last year.

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The board and management of Sasini remain confident that they have taken the necessary precautions to safeguard the business in 2021 and beyond.

 

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