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Sameer Africa H1 profit falls YOY

Sameer Africa Plc said its first-half normalized net income came to 15 Kenyan cents per share, a decrease of 42.6% from 26 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 41.4 million shillings, a decrease of 42.0% from 71.4 million shillings in the year-earlier period.

Total revenue declined 9.6% on an annual basis to 1.77 billion shillings from 1.96 billion shillings, and total operating expenses decreased 7.7% on an annual basis to 1.69 billion shillings from 1.83 billion shillings.

Reported net income fell 40.8% on an annual basis to 48.0 million shillings, or 17 cents per share, from 81.0 million shillings, or 29 cents per share.

As of July 15, US$1 was equivalent to 102.05 Kenyan shillings.