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Sameer declares Sh48.6m profit

NAIROBI, Jul 27 – Sameer Africa has declared a Sh48.6 million profit after tax for the first half of 2009.

Sameer Africa Managing Director Michael Karanja says this represents a huge increase from the Sh2.8 million profit after tax declared by the company during the same period last year.

Mr Karanja attributed the growth to an on-going recovery strategy that has seen Sameer adopt measures to consolidate its market position as well as expand into the region.

“The company has increased its focus on margin protection and better brand support, expanded its YANA tyre retail outlets, optimised on its supply chain and continued to focus the export market among other things,” he said.

Sameer Africa’s sales for the half year grew from Sh.1.542 billion last year to Sh1.547 billion this year with the gross profit rising to Sh366 million from Sh365 million last year.

The company’s profit before tax was Sh61.8 million compared to Sh19.4 million last year.

“This is a marked improvement from the near break-even profit of Sh2.8 million for the same period last year,” he observed.

Meanwhile Mr Karanja reassured that despite the expected downturn in the economy as a result of low supply of electricity and water resulting in higher production costs, the company has taken measures to mitigate against these challenges.

“The measures include improvement of the company’s processes, management of costs and achieving operational efficiency,” Mr Karanja said.

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