NAIROBI, Kenya, Jan 11 – Limuru Tea Company has issued a profit warning for the financial year ended December 31, 2023, anticipating a more than 25 percent drop in profit attributed to increased operational costs.
It attributes losses to the high cost of importing fertilizers, the depreciation of the Kenyan shilling, and a projected loss in biological asset valuation last year.
“Based on preliminary review of the financial statements of the Company, the company is expected to record a decline of more than 25% in profit before tax attributable to the shareholders of the company for the year ending 31 December 2023,” read a statement by the company’s Chairperson, Dorcas Muli.
Additionally, it blames poor performance on the increased cost of labor.
