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Title : Tea earnings to decline owing to dry spell

Tea earnings to decline owing to dry spell

Article business, Business Daily Kenya: 

Kenya Tea Development Agency (KTDA) has warned that tea earnings for 2016/17 financial year are likely to be dragged down by the drought that hit the country from the second half of last year to date.

KTDA Holdings Chairman, Peter Kanyago, said that global tea prices have remained relatively low compared to the previous year leading to reduced net earnings.

“While there are still a few trading months remaining in the year, there is a slim likelihood that we shall beat last year’s record,” he said.

Kanyago, who was speaking at this year’s induction for newly elected directors, observed that the tea business is cyclical in nature.

“One year could be great, the next depressed,” he stated. He called on directors to ensure continuous farmer education, especially on sustainable agriculture and financial management to ensure farmers are experiencing growth year on year.

During the 2015/2016 financial year, farmers took home Sh44.72 billion in second payment, an average of Sh36.26 per kilo of green leaf compared to Sh27.61 paid out the previous year.

He attributed the tea industry’s success to the unique KTDA structure, which has acted as a buffer against external political interference.

“All 560,000 small holder farmers working together under the KTDA umbrella have given us a lot of leeway in negotiation both locally and globally.

Fundamentally, through the KTDA arrangement, our farmers enjoy economies of scale and shield each other against economic and political shocks,” stated Kanyago.

The post Tea earnings to decline owing to dry spell appeared first on Mediamax Network Limited.

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