Kenya Orchards #ticker:ORCH has hired past chief executive and shareholder Vipul Patel to once again head the food processor.
The Nakuru-based firm said in a regulatory filing that Sudhir Damodar Vaidya exited the company’s corner office on July 31, 2017.
Mr Patel is also a director at Njoro Canning Factory, a family-owned company, which in 2003 acquired a 50 per cent stake in Kenya Orchards.
The incoming chief executive has a 14.89 per cent stake or 1.9 million shares in Kenya Orchards, valuing his shareholding at Sh185.7 million. He holds a business studies degree from the University of East London.
Mr Patel now faces the task of growing earnings and revenue, which have been dwindling over the years due to stiff competition.
Net profit dipped 12 per cent to Sh1.21 million in the six months to June 2017 compared to Sh1.36 million in a similar period last year. Sales were Sh32.2 million in the half-year period, against Sh31.1 million in June 2016.
Kenya Orchards in 2014 began manufacturing herbs and spices to diversify revenue sources and cut reliance on fruit and vegetable processing and canning.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
