Listed firm Sameer Africa Group has cut its net loss to KSh 58.6 Million for the six months period ended 30th June 2020. This is compared to a loss of KSh 182.8 Million recorded over a similar period last year.
Directors of the firm attribute this performance to the restructuring of its operations during the first six months of the year. The company shut down its loss-making tyre business.
The firm’s overheads declined to KSh 128 Million in H1, 2020 compared to KSh 339 Million in the first half of 2019.
Its revenues declined substantially by 53% from KSh 930 Million to KSh 441 Million during the period under review. This followed the closure of the tyre business.
Sameer Africa Group balance sheet shrunk from KSh 2.2 Billion in the first half of 2019 to KSh 1 Billion in H1, 2020.
What shareholders own in the firm declined from KSh 947.9 Million in H1 2019 to KSh 5.7 Million.
Operating profit, which is gross profit minus operating expenses, before deduction of interest and taxes, rose to KSh 5.1 Million from a loss of KSh 129 Million in the previous half year period.
Pre-tax loss declined from KSh 162.1 Million to KSh 29.3 Million loss. The firm came out from a total comprehensive loss of KSh 181.7 Million to an income of KSh 53.7 Million.
After shutting down its tyre business, the principal activity of Sameer Africa Group is in the property sector.
The firm owns a large property portfolio part of which is built up and on which its investment property income is derived and other parcels earmarked for future development.
The Group’s fully owned subsidiaries, Sameer EPZ Limited and Sameer Industrial Park Limited lets space to tenants licensed to operate in an EPZ.
It is also offers rented space in its Mombasa Road premises including that which was previously occupied by the tyre factory.
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