Sameer Africa PLC profit surged to KSh43 million net profit at the end of December 2020 from Ksh 1.76 billion in 2019.
Its’ revenue dipped by 57% to KSh757 million from KSh1.76 billion in 2019, due to the shut down of its tyre business.
However, the tyre business has been revived according to its four years strategic plan (FY 2021-2024).
“Despite 2020 being a difficult year, the group reported a profit which was a significant turnaround and improvement from the loss of Sh1 billion reported for the year 2019,” Sameer said in its financial statement.
Operating expenses declined to KSh118 million from KSh876 million a year earlier.
Sameer Africa directors did not recommend a dividend for the year 2020.