Sameer Africa Plc says its earnings for the year ending December 31st, 2022, will be lower than 25%.
The Board of Directors of Sameer Africa PLC said, “Global disruption in the supply chain as a result of the COVID-19 pandemic and the Eastern Europe conflict continues to impact the availability of key products in our tyre business.”
The firm further attributed the profit warning to the weakening of the Kenya shilling, which has impacted their margins as the full effect of price changes cannot be passed to consumers.
On a year-to-date basis, the shilling has depreciated by 5.3 per cent against the dollar, higher than the 3.6 per cent depreciation recorded in 2021.
The shareholders of Sameer Africa plc. and the public have been advised to exercise caution when dealing with the shares of the Company.
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.