Nairobi, March 21 -- Agricultural firm Kakuzi is set to pay a record dividend of Sh24 per share or a total of Sh470.3 million for the year ended December, riding on strong sales and earnings growth.

The dividend will be paid on June 15 to shareholders on record as of May 31. The new payout marks a nine percent increase from the Sh22 per share amounting to Sh431.1 million, which was paid for the prior year.

Kakuzi joins several banks including Standard Chartered Bank Kenya and Co-op Bank in raising dividends to record levels, boosting cash returns for investors with portfolios on the Nairobi Securities Exchange.

The agricultural firm's net income more than doubled to Sh845.8 billion in the year ended December, up from Sh319.7 million a ...