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Sameer Africa Heads for 21-Month High on Profit: Nairobi Mover

March 22 (Bloomberg) -- Sameer Africa Ltd., a Kenyan tire maker, headed for its highest level in 21 months after saying full-year profit almost doubled and that the company expects an even stronger performance this year.

The shares climbed 2.8 percent to 5.60 shillings by 10:43 a.m. in the capital, the highest closing level since June 15, 2011, according to data compiled by Bloomberg. About 40,000 shares traded, or 57 percent of the three-month daily average.

Net income jumped to 189.8 million shillings ($2.2 million) in 2012 from 96.9 million shillings a year earlier, the company said today. Sales grew 8 percent to 3.96 billion shillings, according the statement.

“Management remains optimistic that 2013 will remain on a growth trajectory,” Nairobi-based Standard Investment Bank Ltd., said today in an e-mailed note to clients. The company’s gross margin widened to 24.1 percent last year from 21.8 percent in 2011, the bank said.

Sameer has surged 35 percent this year, outperforming the Nairobi Securities Exchange All-Share Index that has gained 19 percent during the period.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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