Year End 31 Dec.
Sales down 13% yoy.
Gross Profit down 6% yoy.
Other Operating Profit up 197% yoy. Ahhh... no details on what this is. Sale of assets?
PAT up by 26% yoy BUT see "Other Operating Profit".
Sameer Africa was affected by the PEV in 2008 & the subsequent knock-on effect on sales later in the year. Anyway, that is history.
How will 2009 be?
IMHO, it will be much tougher. Why?
- Costs of production in Kenya remains high including interest costs, electricity & transport costs.
- The depreciation of the KShs vs US$ will hurt import input costs. Imported might be pricier if imported from non-US$ countries e.g. India
- Competition from multiple brands e.g. Pirelli, Michelin, Apollo, etc
Firestone used to be the first choice for Kenyans but I think there has been a major shift since it became Yana. Nakumatt sells 5+ brands & this shows a change in preferences. Yana tyres are NOT the cheapest in the market. Yana needs to sell the 'quality' of their brand to succeed.
2010 - The business park should be reaady but I do not trust naushad merali. I wonder how much SA will benefit from the business park vs merali. I think merali will suck the majority of the profits/gains from the business park.
Anyway, let's wait for the Annual Report.
- ► 2012 (29)
- ► 2011 (44)
- ColdTusker applies for the Greatest Job in the Wor...
- Kenya Airways - Oversold?
- Buy Kenyan, Build Kenya
- Family firms out-perform 'public' firms
- NSSF (Kenya) vs Temasek (Singapore)
- Fertilizer Imports have started - Scams come next
- Sameer Africa posts better results - Not really
- Coming soon to Kenya - The Grand Fertilizer Scam
- Tidbits - just for you!
- Rwanda - The New Hope of Africa Part 2
- Kenya Airport Authority - Corrupt & Inept
- I want me a BarackBerry
- Is South Africa really part of Sub-Saharan Africa?...
- roocy kibaki blames saitoti for molo deaths
- KQ announces profit warning
- ▼ February (15)
- ► 2008 (170)
- ► 2007 (79)
- ► 2006 (99)