Sameer half year profit falls 56pc on high costs
Tyre distributor Sameer Africa has reported a 56.2 percent drop in net profit for the six months to June attributed to increased operating costs.
Source: businessdailyafrica.com
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Sameer now issues profit warning, blames shilling
Sameer Africa has issued a profit warning anticipating a more than 25 percent decline in full-year profits for the year ending December 2022.
Source: businessdailyafrica.com
Why Sameer made U-turn on its tyre business
Very passionate A decision, however, that had to be made despite dedicating a huge part of their lives and billions of shillings into growing the business. “Merali was very passionate about it … all of us were,” he told Financial Standard in an exclusive interview. Subscribe to Our Newsletter “We came here very young, got married and raised families.” Merali entered the tyre business in the late 1980s after acquiring Firestone, which was incorporated in Kenya in 1969. To observers, the closure of the tyre business added to the growing heap of failed ventures by one of Kenya’s...
Source: standardmedia.co.ke