Car & General’s profit declines on high SGR cargo clearance costs

[John Ashworth]

Car & General’s profit declines on high SGR cargo clearance costs

SUMMARY

- Car & General incurred Sh188 million costs on delayed clearance of its stock from the port last year, up from Sh1 million spent a year before, as it moved to comply with State’s order of using SGR to move containers.
- The high clearance cost saw the firm’s net profit fall by 19 per cent to Sh182 million in the review period despite revenue jumping from Sh10.1 billion to Sh11.9 billion...