By P, KNA
A Murang’a-based investment company, Wangu Investment, is venturing into the flower sector to boost profits and increase annual returns for shareholders.
James Muhoho, the company’s general manager, said the firm plans to grow cut flowers on part of its land for sale locally and on the global market. The first phase will cover 25 acres, with gradual expansion over the next two years.
Speaking at the company’s annual general meeting, Muhoho said diversification is key to keeping the business stable and improving returns.
The company has traditionally focused on wheat and barley farming, which has faced challenges such as climate change and fluctuating market prices.
“We anticipate generating about Sh2 billion from cut rose flower sales, which will strengthen the company’s income and sustainability,” Muhoho said.
“We have already conducted a market survey and identified key sales regions,” he added
He said that the local climate is ideal for flower cultivation, producing deep-coloured, large-petalled blooms with a longer shelf life and the flowers will be grown in greenhouses, ensuring they are not affected by adverse weather.
“With our focus on the global market, local economic shifts will not impact sales,” he said. Furthermore, Muhoho also revealed that, with shareholder approval, dividends to farmers will be suspended for two years to allow reinvestment into the flower project.
Cut flowers are among Kenya’s top export earners, generating billions of shillings every year. The project is expected to create around 150 new jobs, benefiting the neighboring community amid the ongoing national unemployment crisis.
“Homegrown solutions like local businesses diversifying into new sectors are crucial for job creation,” Muhoho noted.