Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Kenya

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.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...