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Sameer Africa Heads for Most in One Month After Profit Jumps

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Aug. 7 (Bloomberg) -- Sameer Africa Ltd., a Kenyan tire maker, headed for the biggest gain in a month after saying profit from operations more than tripled as tax expenses dropped.

The stock climbed 3 percent to 5.15 shillings by 2 p.m. in the capital, the largest gain on a closing basis since July 2. Almost 69 percent of the three-month daily average of shares were traded.

Profit from operations jumped to 303 million shillings ($3.5 million) in the six months through June from 88 million shillings a year earlier, the company said in an e-mailed statement yesterday. Income-tax expenses narrowed to 13.3 million shillings from 41.9 million shillings.

Profit was “helped by an increase in other operating income and a decline in tax liability,” Nairobi-based Standard Investment Bank Ltd. said today in an e-mailed note to clients.

Sameer surged 24 percent this year, while the FTSE-NSE 25 Share Index gained 29 percent.

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

To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net

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