Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Turnover was at Sh3.9 billion, 22 percent higher than the same period in the previous year/FILE

Kenya

Car & General profit doubles to Sh72mn

Turnover was at Sh3.9 billion, 22 percent higher than the same period in the previous year/FILE

Turnover was at Sh3.9 billion, 22 percent higher than the same period in the previous year/FILE

NAIROBI, Kenya, May 22 – Car and General has posted a 110 percent increase in net profit to Sh72.6 million for the first six months ending March 31 from Sh34 million recorded same period last year.

Turnover was at Sh3.9 billion, 22 percent higher than the same period in the previous year while other operating income increased by 47 percent to Sh16.7 million from Sh11.3 million recorded last year.

The company has over the period added three franchises that include Doosan construction equipment, Kubota tractors and MRF tyres which management anticipates will continue to contribute positively to revenue in the second half of the year.

The company hopes to add the Toyota forklift franchise in August this year.

“Going forward, prospects in the region look positive, which should lead to a growth in demand for all products. Critical to prosperity will be control on security and good governance to ensure stable political and economic environments,” the management stated.

The firm however expects a tough six months to the end of the year as current security challenges puts pressure on demand, diminishes investor confidence and creates volatility in exchange rates and interest rates.

“The next six months may prove challenging in Kenya, given the current terrorist activity, which is likely to diminish investor confidence and create volatility in exchange rates and interest rates. This reduces overall demand,” the management said.

The company’s directors did not recommend an interim dividend.

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...