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Car & General shareholders will pocket Ksh 64.2 million in dividends for the full year period ending December last year.
During the virtual Annual General Meeting held Thursday shareholders approved the dividend as recommended by the board which translates to Ksh 0.80 per share.
The payout follows the firms recovery from loss territory after registering gross profit of Ksh 526 million against a loss of Ksh 273 million in the previous year.
Car & General says it saw various challenges during the period due to constraints in the Kenyan market, especially the boda boda business.
Operational sustainability was achieved by the company’s transition to other business lines.
“Key to success will be maintaining strict fundamentals in terms of higher efficiency levels in all areas of business, maintaining market share in core products and achieving productivity across all business,” said Vijay Gidoomal, Car & General Chief Executive Officer.
The firm reported a full year turnover of Ksh 21 billion last year, and projects growth this year.
The firm projects economic uncertainties to persist this year given the challenging global geo-politics although East Africa will see less turbulence.
“We have a balanced business with five distinct business lines; automotive and equipment distribution, real estate investment, financial services, poultry and helmet manufacturing. This diversity, coupled with a broader geographical reach is the backbone of our sustainability,” he added.
Shareholders also approved the retirement of Madabhushi Soundararajan as a member of the Board after 17 years of service and approved the appointment of Nikhil Rustam Hira as an Independent Non-Executive Director.
