(NAIROBI, KENYA) – Sameer Africa net profit for the six months ended June 2026 grew 19.8% to KES 103.88 million (about $791,000 / £622,000 / €726,000), up from KES 86.67 million (about $660,000 / £519,000 / €606,000), helped by reduced operating expenses.
The profit growth came despite a decline in revenue to KES 205.75 million (about $1.57 million / £1.23 million / €1.44 million) from KES 220.34 million (about $1.68 million / £1.32 million / €1.54 million) posted in the preceding similar period.
Operating costs dropped by 25.9% to KES 83.3 million (about $634,000 / £499,000 / €582,000) from KES 112.4 million (about $856,000 / £673,000 / €786,000), helping grow the bottom line during the review period.
Sameer continues to find new drive in its rental business, marking a decisive turnaround after the struggles of its tyre unit, which was once the mainstay of its operations. The firm’s bet on real estate business, where it lets out investment properties including leasehold land, residential houses and commercial properties, is paying off. The half year performance looks set to keep it in profits for the seventh straight year.
“Our operational focus remains on safeguarding our portfolio against vacancy risks and retaining high-quality tenants. We will continue to invest in our tenant relationships to establish a resilient, sustainable income base as the operating environment normalises,” Sameer said.
The latest profit has further cut Sameer’s accumulated loss in its books of account to KES 102.84 million (about $783,000 / £616,000 / €719,000) at the end of June from KES 206.72 million (about $1.57 million / £1.24 million / €1.45 million) at the end of December last year. The six consecutive years of profit making have cut the accumulated losses from KES 1.1 billion (about $8.4 million / £6.6 million / €7.7 million) it carried in 2020.
Accounts showed the firm has narrowed its negative working capital, the difference between current assets and current liabilities, to KES 196.34 million (about $1.5 million / £1.18 million / €1.37 million) compared with negative KES 383.4 million (about $2.9 million / £2.3 million / €2.68 million) in the preceding similar period last year.
Sameer Africa has been pushing to dispose of its undeveloped 3.75-acre parcel of land to boost its liquidity since 2022. However, the deal has been delayed. The firm had said it hoped to complete the transaction in June but now says the board has granted a further extension of six months to December this year.
Between 2014 and 2019, Sameer was in losses, with the highlight coming in 2019 when it posted a record loss of KES 1.09 billion (about $8.3 million / £6.5 million / €7.6 million). The firm then decided to shift its focus to real estate.
The Nairobi Securities Exchange listed firm was for 50 years synonymous with taglines such as ‘Africa rides on Yana tyres,’ which signified one of its popular products called Yana tyres. However, the firm shifted from manufacturing to importing tyres in 2016, citing stiff competition from cheap tyres from markets such as China. Then in April 2020, Sameer stopped the tyre import business.
Established in Kenya in 1969 as Firestone East Africa Limited, the company switched its principal business from tyre manufacturing to real estate in a bid to revive its fortunes. It now describes its principal activity as letting investment properties.