This essay has been submitted by a student. This is not an example of the work written by professional essay writers.
Uncategorized

Sameer moves to real estate after shutting tyre distribution unit

This essay is written by:

Louis PHD Verified writer

Finished papers: 5822

4.75

Proficient in:

Psychology, English, Economics, Sociology, Management, and Nursing

You can get writing help to write an essay on these topics
100% plagiarism-free

Hire This Writer

Sameer moves to real estate after shutting tyre distribution unit

Sameer Africa has shifted its focus to its real estate days after closure of its tyre distribution unit.

The company now believes it will make gains in the real estate after shutting the tyre business that saw it make losses for years despite efforts to cut costs.

“The impact of this change is that the company will henceforth trade mainly in the rental business arena,” read a statement from Sameer.

Sameer said closing of the tyre business would cost the company loss worth Sh1.49 billion. However, the profit from it will rise due to the reduction of losses from the tyre division.

“The full-year profit projection in 2021 is forecast at Sh185 million, against a forecast of Sh69 million this financial year 2020,” said Sameer.

The firm saw net losses worth Sh529.3 million in the year ended 2018 and Sh182.7 million in the year ended June 2019.

According to Sameer, Sh223 million will be used to shut the tyre business. This includes Sh 60 million cutback costs and Sh163 million in dealing with fixed assets.

Although the tyre business has come to an end, investors believe land still holds value. The company has land holdings it acquired decades ago at a lower price and has been reporting the value of those lands at its balance sheet.

 

  Remember! This is just a sample.

Save time and get your custom paper from our expert writers

 Get started in just 3 minutes
 Sit back relax and leave the writing to us
 Sources and citations are provided
 100% Plagiarism free
error: Content is protected !!
×
Hi, my name is Jenn 👋

In case you can’t find a sample example, our professional writers are ready to help you with writing your own paper. All you need to do is fill out a short form and submit an order

Check Out the Form
Need Help?
Dont be shy to ask