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Sameer Africa H1 profit falls YOY

Sameer Africa Plc said its normalized net income for the first half was 13 Kenyan cents per share, a decline of 8.0% from 15 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 36.8 million shillings, a decline of 11.1% from 41.4 million shillings in the year-earlier period.

Total revenue decreased 15.8% year over year to 1.49 billion shillings from 1.77 billion shillings, and total operating expenses decreased 14.7% year over year to 1.44 billion shillings from 1.69 billion shillings.

Reported net income fell 9.1% from the prior-year period to 43.6 million shillings, or 16 cents per share, from 48.0 million shillings, or 17 cents per share.

As of July 15, US$1 was equivalent to 101.39 Kenyan shillings.