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Browsing: Kakuzi PLC diversification strategy macadamia forestry recovery
- Kenyan avocado exporter Kakuzi PLC suffered $1M net loss in 2024 due to the Red Sea shipping crisis, a stronger Kenyan shilling and climate-related production cuts.
- While avocado exports to Europe plummeted by 72% due to shipping delays and lower yields, the company’s diversified operations—macadamia, forestry, and livestock—posted profits.
- Kakuzi is pivoting to new markets (like North America), investing in agri-tech (AI and drones), and maintaining shareholder confidence with a $0.062 dividend.
The ripple effects of Middle East conflict reached deep into Kenya’s agricultural heartland in 2024, as listed agribusiness firm Kakuzi PLC reported a $1 million (KES131 million) net loss. The avocado fruit exporter recorded $3.5 million (KES451 million) profit in the previous year.
The company’s latest financial results reveal how geopolitical tensions, currency fluctuations, and climate challenges converged to create a perfect storm for one of Kenya’s most established agricultural exporters.
At the center of Kakuzi’s troubles …