Sameer Africa has issued a profit warning saying it ecpects earnings for the financial year ending December 2022 to be lower by at least 25 per cent compared to the same period in 2021.
The Nairobi Securities Exchange listed firm blames the disruption in global supply chain as a result of covid 19 as well as the ongoing conflict between Ukraine and Russia.
“Global disruption in supply chain as a result of Covid-19 pandemic and the Eastern Europe conflict continues to impact availability of key products in our tyre business. The weakening of the Kenya shilling impacts margins adversely as the full effect of price changes cannot be passed to consumers.” The company said in a statement to shareholders.
Sameer 2021 Earnings
Sameer Africa’s net profit for the financial period ended 31st December 2021 jumped five times to kes 217.3 million as compared to kes 43.3 million that was recorded in 2020.
Sameer Africa is involved in real estate, agribusiness, and manufacturing of tyres. The company revived its tyre making business in Kenya in February 2021, nine months after exiting the venture.