Williamson Tea Kenya Limited (WTK.ke) 2021 Abridged Report
COMMENTARY ON RESULTS
The results to year end March 31st 2021 are a reflection of an over-supply of Kenya tea, insufficient demand for the over-supply, concerns from the buyers over the Covid-19 pandemic, global economy difficulties and currency fluctuations. In addition, buyers have expressed anxiety over the impact of the yet to be ratified Tea Act, 2020. These challenges have in various ways determined a complete change in how the majority of our tea is sold, from direct sales to establishing a reputation in an auction market we previously did not have a presence in.This does take time and we hope to persuade new customers into buying from us. Away from the tea market, the drop in valuations from our investment property has also contributed to this year’s loss.
The Directors resolved to recommend a first and final dividend of KShs 10 per share to be paid out of the retained earnings. The recommended final dividend, subject to approval, will accrue to the members on the register at the close of business on 21st July 2021. Thereafter, the register will remain closed from 22nd July to 23rd July 2021, both days inclusive.
Unless reduced supply or increased demand arrives to rebalance the scales away from from buyers advantage the coming months will be extremely difficult with record low prices being paid for our category of tea.
NOTICE OF THE ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the 79th Annual General Meeting of the Shareholders will be held by electronic communication on Friday 23rd July 2021 at 11.00 a.m.
G K MASAKI