Kakuzi Plc's net profit for the half-year to June 30th nearly quadrupled to Sh270.45m, up 269.5% from Sh73.2m in H1 2017, with sales having risen by 12% to Sh613.12m.

The agricultural firm, with operations in Makuyu and Nandi Hills, said tea profits increased on the back of higher volumes and firm prices, while a strong winter market in Europe improved avocado sales.

Macadamia and forestry also contributed positively to the profits.

"Dry weather conditions were experienced during the first two months of the year but thereafter well above average rainfall has been received to the benefit of Kakuzi’s avocado and macadamia production. In addition, international market prices for these two commodities remained firm till early June when there was a precipitous fall in prices in the European avocado market. This was brought about through unprecedented volumes being delivered from Peru and South Africa, both of which are experiencing a high production year.

"At this point, given the above, it is extremely difficult to predict the year’s performance as Kakuzi is just entering its main harvest and principal sales’ season for its avocado crop. On a positive note, the macadamia market has remained firm to the half year point."

No interim dividend recommended.