Sameer Africa Plc reported a net profit of Ksh 154.5 million in the six months ended June quarter ended June 30 from Ksh 58.6 million loss in 2020.
Group revenues declined by 27 per cent to Ksh 323 million due to the gradual re-entry into the tyre business.
In February, it said it will run tyre business under the Yana brand anchored on ‘both the company’s real estate portfolio and its extensive tyre industry experience’.
On the other hand, its operating expenses dropped to Ksh 58.4 million from Ksh 128.4 million in a similar period last year.
Sameer’s earnings per share improved to 58 cents from a negative 23 cents in June 2020.
“The profitability trend of the rest half is expected to be maintained for the remainder of the year,” the group said in its Unaudited Financial Results for the six months ended 30-June-2021.
The directors of the company have not recommended the payment of an interim dividend.
Sameer Africa operates primarily in Kenya, with tyre operations in Tanzania, Uganda, and Burundi.
Sameer Africa PLC is 72.15% owned by Sameer Investments Limited, a leading economic force in East Africa with over thirty years of experience in Kenya’s industrial and economic development.
