Commentary on the Results:
Cropping patterns and therefore prices were erratic through the year. Low supply initially forced prices up before giving way to extremely favourable conditions, supply surged and prices crashed. Whilst the Group honoured long term contract commitments to partially miss out on the initial strength of the market, an increase in crop of 19%, higher turnover on higher prices and weak shilling have all contributed to the increase in profitability. Higher inventory levels (unsold tea) also reduced the cost of sales and as a result the Group has reported an operational profit of KShs 584 million against KShs 97 million in the previous year.