Nairobi, Jan. 26 -- Car & General net profit for the financial year ended September 2022 dropped 23 percent to Sh679.46 million on the back of higher debt servicing and goods clearance costs.

The drop in net profit was from the record Sh887.2 million earnings for the preceding similar period when the firm quadrupled dividends and gave shareholders bonus shares of one for each share held.

The firm, which deals in a range of power generation, engineering and automotive products, including motorcycles and tuk-tuks (three-wheelers), says the drop in profit was due to Sh301 million foreign exchange losses and Sh139 million demurrage costs linked to logistical issues.

"The Russian invasion of Ukraine in February 2022 brought a host of unfore...