Earnings UpdateSameer Africa Reports KSh154 Million Half-Year Profit

Sameer Africa’s half-year net profit for the period that ended on 30th June jumped to KSh154 million from a net loss of KSh59 million in the same period in 2020. The company’s primary business is the importation and sale of tyres. It re-entered the tyre business in Kenya in February this year after a nine-month break, due to sustained demand for Yana Tyres.

Sameer’s half-year revenue from the tyre business, real estate business, and agribusiness fell to KSh323 million from KSh441 million in the same period last year. The company‘s operating expenses declined by more than half or 55% as a result of maintaining a lean operating model acquired in 2020. Operating costs fell to KSh58.4 million from KSh128.4 million in June 2020.

Also Read: Sameer Africa Turns to Shedding of Jobs and Sale of Property to Remain Profitable

Sameer Africa paid KSh48 million income tax in the period under review, up from KSh29.3 million in the first six months of last year.

Total assets grew by 15% to KSh1.2 billion as of 30th June 2021, compared to KSh1.05 billion as of 30th June 2020. Total liabilities decreased to KSh932 million from KSh1.04 billion in June last year.

Sameer Africa expects the profitability trend of the first half to be maintained for the remainder of the year. The firm’s directors do not recommend a dividend payment for the half-year period.

Miriam Wangui of The Kenyan Wallstreet contributed to this Article

 

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