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Kenya

Kenyan firm positive about growth

NAIROBI, Kenya, Jul 30 – Amidst the referendum campaigns, local entrepreneurs appear to be gaining confidence in the economy with growing investments to further boost their businesses, a leading motor sales and service firm has noted.

Local Mitsubishi Fuso Truck and Bus Company (MFTBC) dealers Simba Colt Motors have confirmed that local entrepreneurs are steadily moving to boost their business capacity through the purchase of new commercial vehicles, a clear indication of economic confidence.

Players in the building, construction, infrastructure development and other service sectors are particularly moving to enhance their transport infrastructural capacity ahead of the anticipated economic boom.

Speaking during a vehicle handover ceremony for a fleet of seven Mitsubishi Fuso FH 215 Trucks valued at more than Sh30 million to Karatina based, GM Kariuki Hardware Managing Director, Peter Muthee, Simba Colt Motors Group General Manager Dinesh Kotecha said the firm has enjoyed marked business growth within the first half of the year in a development largely attributed to local entrepreneurs confidence.

With the new fleet, Mr Muthee confirmed that his hardware business will be seeking to expand its reach to a near national scope covering all major towns in Kenya.

Comparatively, Mr Kotecha explained that Simba Colt Motors had managed to gain close to 22 percent market share up from 18 percent last year in the Kenya motor industry scene with sales of 1144 units.

"Given that most of these units are commercial vehicles, Simba Colt Motors clearly notes that this is a clear indicator of growing confidence on the economic prospects," Mr Kotecha said.

"Even with the referendum campaigns taking centre stage, it\’s vividly clear that Kenyans are convinced of better days ahead thus the growing decision to invest in business facilitating assets such as commercial vehicles."

On the local scene, Simba Colt\’s Mitsubishi FH 215, remains the single largest selling vehicle model commanding a more than 66 percent market share of the 7-10 tonnes Gross Vehicle Weight (GVW) medium duty trucks market segment.

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Besides its direct sales business, Simba Colt Motors has also registered a marked growth on its operating lease sales with more than 400 vehicles currently leased to leading local corporates.

As the pioneer direct fleet leasing solution provider; meaning that all aspects of the solution are handled in-house including maintenance and insurance among others, Simba Colt\’s operating lease client list has also grown significantly this year.
 

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