Nairobi, April 8 -- Sameer Africa's net profit for the year ended December 2023 declined by 53.7 percent to Sh46.3 million, weighed down by the weakening of the shilling against the dollar.

Net earnings dropped from Sh100.3 million, extending the dividend drought for investors who have seen the firm diversify from tyre selling to real estate in a bid to revive the fortunes of the Nairobi Securities Exchange-listed firm.

Its investors will have to endure the tenth consecutive year without dividends. The last time the firm paid a dividend was for the year ended December 2013 when investors got Sh0.3 per share.

Net finance costs, which refers to spending on servicing debts, rose by 98.5 percent to Sh140.79 million from Sh70.9 million, com...