Kapchorua Tea and Williamson Tea, both of which are listed agricultural firms, rode on export gains from a weaker shilling and improved tea prices to record five and eleven fold increases in net profit respectively for the year ended March 2016.
Williamson Tea made a net profit of Sh738.2 million, coming off a loss of Sh227.6 million the previous year.
Kapchorua’s net profit stood at Sh234.3 million from a loss of Sh22.8 million in 2014.
The associated firms partly made the gains courtesy of a 12 per cent weakening of the shilling to the dollar last year.
Exporters benefit when the local currency weakens since they are paid in dollars, which earns them more on conversion into their currency.