Sameer Africa’s net profit fell to KSh 46.3 million in 2023 from KSh 100.3 million in 2022 according to the firm’s financial statements for the year ended 31st December 2023.
- Operating profit declined by 6.5% and a 36% reduction in revenue as Sameer Africa continues to implement strategies to safeguard earnings generated from the property division.
- The Group’s earnings were reduced by 54% from KSh 100 million in 2022 to KSh 46 million in 2023 in what the firm says was due to unrealized forex losses due to a weakening Kenya Shilling against the US Dollar.
- Total shareholders’ funds increased by 10% from KSh 430 million in 2022 in 2022 to KSh 473 million in 2023.
In 2023, Sameer Africa paid KSh 23.7 million in director’s remuneration compared to KSh 19.3 million in 2022. The firm has not declared any dividends to shareholders for the year ended 31st December 2023.
The balance sheet size of the tyre maker grew to KSh 1.5 billion in 2023 from KSh 1.2 billion in 2022 while its borrowings increased to KSh 540.7 million in 2023 from KSh 445.4 million in 2022.
Sameer Africa Limited is a Kenya-based company that manufactures, imports, and sells tires and the letting of premises. The Company’s product range includes passenger textile and steel belted radials, 4×4 tires, light truck radial and bias, truck, and bus, agricultural, industrial, and Off-The-Road tires under the brand name, Yana. It has subsidiaries in Uganda, Tanzania, Yana Tyre Centre Limited, Sameer Industrial Park Limited, and Taqwa Trading Limited.
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