Chairman's Statement 97th Annual General Meeting
14 MAY 2025
The Company recorded a pre-tax loss of Ksh 167 million for the year (2023: pre-tax profit of Ksh 664 million). This was primarily due to:
Adverse Weather Conditions: Excessive rainfall significantly reduced avocado production.
Currency Fluctuations: The Kenyan Shilling's strong revaluation against the Euro and US Dollar resulting in reduced income as well as incurring exchange losses on foreign currency holdings.
Geopolitical tensions: Conflicts in the Middle East disrupted export routes, extending transit times and impacting quality.
Avocado Profits: An exceptionally challenging year
Profit Decline: In 2024 avocado profits decreased to Ksh 361 million (2023: Ksh 1,373 million). Adverse weather led to a reduction in avocado exports to 2,222,244 cartons (2023: 3,074,105 cartons) which significantly impacted profitability.
