Kenya’s Limuru Tea on Tuesday said net profit for the past financial year shot the lights out, more than doubling to Sh101.8 million ($1.1 million).

The agricultural firm attributed this outperformance to a surge in the assessment of its assets and higher turnover.

The firm’s underlying assets such as tea planted on its estates nearly doubled in value to Sh187 million ($2.1 million) after it marked them to market, Business Daily reported.

There was also a 13 percent increase in turnover, which stood at Sh116 million ($1.3 million).

But Limuru was not certain about what the future looked like, saying everything was dependent on stability of prices of tea and good weather.

“The dollar tea prices continue to be favourable and the first quarter crop is positive with good rains. If these conditions are sustained, 2013 should be a normal year,” Limuru said in a statement.

According to Business Daily, Limuru generated 2.8 million kg of green tea last year and 650.98 kg of black tea. Earnings per share surged to Sh84.86 last year from Sh33.74 previously.

It declared a total dividend of Sh7.5 per share, unchanged from the previous period, Business Daily reported.

Business Daily reported one analyst as saying the firm was yet to include the market value of its vast land holdings in Limuru, a rural area near the capital Nairobi, in its books.

“If they marked the value of their land to market, the share price would sky-rocket,” said Aly Khan Satchu, an independent trader and analyst.

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