Kakuzi Plc, an agricultural cultivation and manufacturing firm partly owned by Kenyan billionaire John Kimani, nearly tripled its first-half 2024 profits to $2.7 million, fueled by strong demand for avocado and macadamia products.
The company's profit for the first half of 2024 surged by 195 percent to Ksh347.5 million ($2.7 million), nearly tripling from Ksh117.5 million ($0.91 million) in the same period last year, according to its recently published financial statement.
The earnings growth was supported by a 35 percent increase in total turnover, which reached Ksh1.175 billion ($9.2 million), up from Ksh873 million ($6.8 million) in the first half of 2023. The impressive performance was largely attributed to a recovery in the market for Kakuzi's Macadamia Nuts and Avocado superfoods exports.
Kakuzi's avocado revenue saw a remarkable 42 percent increase, closing the half-year trading period at Ksh951 million ($7.38 million), up from Ksh670 million ($5.2 million) in the same period last year. This growth was fueled by reduced supply from traditional high-volume suppliers in South America, such as Peru and Mexico.
