STATEMENT OF FINANCIAL POSITION
AS AT | 31 Dec 2023 | 31 Dec 2022 | |||||||||||||||||||
KShs'000 | KShs'000 | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||
NON-CURRENT ASSETS | |||||||||||||||||||||
Property, plant and equipment | 12,193,328 | 11,732,456 | |||||||||||||||||||
Right-of-use assets | 1,305,390 | 1,501,274 | |||||||||||||||||||
Goodwill | 416,679 | 416,679 | |||||||||||||||||||
Intangible assets | 307,045 | 297,103 | |||||||||||||||||||
Government securities held at fair value through other comprehensive income (FVOCI) | 7,743,929 | - | |||||||||||||||||||
Deferred tax assets | 612,209 | 405,543 | |||||||||||||||||||
Total non-current assets | 22,578,580 | 14,353,055 | |||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||
Inventories | 13,057,279 | 11,890,143 | |||||||||||||||||||
Trade and other receivables | 29,424,340 | 26,059,025 | |||||||||||||||||||
Amounts due from related companies | 2,377,052 | 1,120,612 | |||||||||||||||||||
Cash and bank balances | 7,878,221 | 19,595,935 | |||||||||||||||||||
Total current assets | 52,736,892 | 58,665,715 | |||||||||||||||||||
- | 24,364 | ||||||||||||||||||||
TOTAL ASSETS | 75,315,472 | 73,043,134 | |||||||||||||||||||
EQUITY AND LIABILITIES | |||||||||||||||||||||
EQUITY | |||||||||||||||||||||
Share capital | 9,974,771 | 9,974,771 | |||||||||||||||||||
Share premium | 1,967,520 | 1,967,520 | |||||||||||||||||||
Fair value reserve | (203,649) | - | |||||||||||||||||||
Retained earnings | 20,486,381 | 18,288,158 | |||||||||||||||||||
Total equity | 32,225,023 | 30,230,449 | |||||||||||||||||||
NON-CURRENT LIABILITIES | |||||||||||||||||||||
Trade and other payables | 798,434 | 824,398 | |||||||||||||||||||
Lease liability | 700,729 | 721,945 | |||||||||||||||||||
Provisions | 304,656 | 299,975 | |||||||||||||||||||
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED | 31 Dec 2023 | 31 Dec 2022 |
KShs'000 | KShs'000 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Cash generated from/ (used in) operations | 3,231,317 | (296,182) |
Tax paid | (1,790,680) | (1,293,468) |
Net cash generated from/ (used in) operating activities | 1,440,637 | (1,589,650) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (2,204,427) | (1,916,458) |
Purchase of intangible assets | (54,942) | (106,568) |
Purchase of leasehold land | - | (20,006) |
Interest received on government securities at FVOCI | 513,979 | - |
Interest received on bank deposits | 890,932 | 567,259 |
Proceeds on disposal of intangible assets, property, plant and equipment | 10,588 | 15,381 |
Net cash used in investing activities | (843,870) | (1,460,392) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Interest payments on borrowings | (2,249,975) | (839,801) |
Lease liability payments - principal | (217,653) | (162,623) |
Lease liability payments - interest | (72,376) | (81,407) |
Dividends paid | (819,769) | (824,659) |
(3,359,773) | (1,908,490) | |
Net decrease in cash and cash equivalents | (2,763,006) | (4,958,532) |
Effect of exchange rate changes on cash and cash equivalents | 22,078 | (115,797) |
Cash and cash equivalents as at 1 January | 5,026,127 | 10,100,456 |
Cash and cash equivalents as at 31 December | 2,285,199 | 5,026,127 |