Kakuzi Ltd. (KKZI), a Kenyan tea and fruit producer, headed for a more than one-month high after reporting profit in the year through December jumped 67 percent and a larger dividend.
The stock rose 0.6 percent to 80 shillings as of 2:21 p.m. in Nairobi, heading for its highest close since March 1, according to data compiled by Bloomberg.
Net income advanced to 648.4 million shillings ($7.8 million) and revenue increased 13 percent to 2.38 billion shillings, the company said yesterday. Kakuzi also raised its dividend to 3.75 shillings a share from 2.50 shillings.
“Fundamentally, these were very strong results,” Aly Khan Satchu, chief executive officer of Nairobi-based investment company Rich Management, said in a phone interview today.
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