NAIROBI, March 19 Kenyan agricultural firm
Limuru Tea said on Tuesday its pretax profit more than
doubled last year to 147 million shillings ($1.7 million),
thanks to a rise in the valuation of some of its assets and
The firm said its underlying assets like the tea planted on
its estates nearly doubled in value to 187 million shillings
after it marked them to market, adding to a 13 percent gain on
turnover, which stood at 116 million shillings.
The company said the outlook for this year was dependent on
stability of prices of tea and good weather.
"The dollar tea prices continue to be favourable and the
first quarter crop is positive with good rains. If these
conditions are sustained, 2013 should be a normal year," Limuru
said in a statement.
Limuru produced 2.8 million kg of green tea last year, as
well as 650.98 kg of black tea.
Its earnings per share rose to 84.86 shillings last year
from 33.74 shillings previously, Limuru said.
Limuru declared a total dividend of 7.5 shillings per share,
unchanged from the previous period.
Its shares were untraded by 0820 GMT as per Reuters data.
One analyst said the firm was yet to include the market
value of its vast land holdings in Limuru, a rural area near the
capital Nairobi, in its books.
"If they marked the value of their land to market, the share
price would sky-rocket," said Aly Khan Satchu, an independent
trader and analyst.
($1 = 85.6500 Kenyan shillings)
(Reporting by Duncan Miriri; Editing by James Macharia and Mark