Sameer Africa Limited has released its financial results for the year ended 31st December 2011 and the tyre maker has reported a net profit increase of 68.91%.
The company’s profit before tax increased by KES 86.2 million, 138.66%, from KES 62.19 million in 2010 to KES 148.45 million in 2011. The firm reported an increase of 9.87% on its sales from KES 3.344 billion in 2010 to KES 3.675 billion in 2011. The firm managed to maintain expenses 2% below the previous year’s expenses. The company’s total assets however decreased 8.56% from KES 926.98 million in 2010 to KES 847.67 million in 2011. Total liabilities also decreased, down 4.75% from KES 918.85 million in 2010 to KES 875.25 million in 2011. Earnings per share grew by 67% to 35 cents per share from 21 cents per share in 2010.
The board of directors has recommended a first and final dividend of 20 cents per share for shareholders, subject to their approval at the upcoming AGM. Sameer Africa’s Annual General Meeting will be held at the Sameer Africa premises (off Mombasa Road) in Nairobi on Friday 15th June 2012 at 11:30am. A formal notice of the AGM will follow in time.