Sasini, Backed By Kenya's Merali Family, Reports 4.3 Million Loss For 2024
- Sasini Plc reported a loss of Ksh562.87 million 4.35 million for the 2024 fiscal year, despite a 20.55 revenue rise.
- Rising costs, including 45.09 higher sales costs, finance expenses, and administrative fees, contributed to the companys loss.
- Sasinis total assets grew 54.52 to Ksh25.19 billion 194.62 million, signaling resilience and a focus on future profitability.
Sasini Plc, a major player in Kenya's agricultural sector and majority-owned by the country's wealthy Merali family, reported a loss for its 2024 fiscal year ending September 30, despite a significant rise in revenue.
Higher sales offset by rising costsThe companys revenue increased by 20.55 percent, reaching Ksh6.89 billion 53.24 million compared to Ksh5.72 billion 44.19 million in 2023. However, it recorded a loss of Ksh562.87 million 4.35 million, a notable contrast to the profit of Ksh542.56 million 4.19 million reported in the previous fiscal year.
The financial results highlighted growing cost pressures, with the cost of sales rising by 45.09 percent to Ksh6.3 billion 48.73 million, up from Ksh4.35 billion 33.58 million in 2023. Increases in finance costs and administrative expenses also contributed to the loss, alongside higher production costs.
Merali familys significant Sasini shareholdingSasini Tea, a renowned agribusiness company, maintains active operations across the country cultivating and processing tea, coffee, avocado, and macadamia nuts. The company also focuses on value-added production for both domestic and international markets.
The Merali family, through Legend Investments Limited, Yana Towers Limited, and East Africa Batteries Limited, controls 65.46 percent of Sasini Plc, valued at Ksh2.53 billion 19.58 million. This stake forms a significant part of the family's diverse investment portfolio.