FIRM export performance spurred Tanganda Company Ltd to record results on the top end of analysts’ expectations with earnings per share of $42,09 (2002: $5,05) in the six months period to Apr
The businessdigest had gathered an average of $36 and a range of between $34 and $38 from five analysts.
Managing director Martin Cameron said total sales of bulk and packaged teas and bulk coffee for the six month period increased by 353% to $7,1 billion up from $1,5 billion achieved in the comparative period last year.
Exports firmed 421% to $6,3 billion up from $1,2 billion during the same period.
Cameron said exports had made a huge contribution to group earnings, representing 75% of the total turnover for the period under review.
Attributable profit rose $4,8 billion from $559 million on the back of turnover that surpassed average inflation, increasing by 353%.
A dividend of 679 (2002: 80 cents) cents was declared.
Total tea production has slightly declined by 3% while the outgrowers’ contribution plunged 34% owing to the land disruptions.
To boost the outgrower supply base, Tanganda increased inputs supply to farmers and increased tea seed plants distributed to farmers at a discount.