Car & General Returns to Profit with KSh 526Mn as Regional Markets Drive Growth – The Kenyan Wall Street
Car & General (Kenya) Plc has recorded a profit after tax of KSh 526 million for the financial year ended 31 December 2024, marking a solid rebound from the KSh 274 million loss posted in the 15-month period ending December 2023.
- The Group attributes the turnaround to “favourable foreign exchange rates“ and operational diversification across its regional markets.
- The company reported total turnover of KSh 20.94 billion, representing a 23% drop from KSh 27.24 billion in the previous extended 15-month period.
- Sales in Uganda and Tanzania now account for over 58% of total Group sales, helping cushion the impact from the Kenyan market downturn.
The decline was primarily due to “the boda boda business continuing to decline to a monthly average of 4,600 units from a peak of 20,000 units per month in 2022.” This drop had a significant impact on the Kenyan consumer business and its Watu Kenya boda financing operations.
| Metric | FY2024 (12 months) | FY2023 (15 months) |
|---|---|---|
| Revenue | KSh 20.94B | KSh 27.24B |
| Gross Profit | KSh 3.21B | KSh 4.06B |
| EBITDA | KSh 1.51B | KSh 2.18B |
| Profit Before Tax | KSh 781M | (KSh 349M) |
| Net Profit | KSh 526M | (KSh 274M) |
| EPS (Basic & Diluted) | KSh 6.46 | (KSh 3.33) |
| Cash from Operations | KSh 1.41B | KSh 537M |
| Closing Cash & Cash Equivalents | KSh 93.7M | KSh 282.8M |
| Dividend Declared | KSh 0.80/share | Nil |
In response, the Group leaned on regional and business line diversification. Operational expansion was supported by growth in the Cummins business and improved performance in Tanzania, especially in the two- and three-wheeler segments.
Car & General now operates 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 builds sustainability, and we are confident that each line offers scope for growth,” the report states.
Other key developments included:
- The launch of Watu Simu, a significant new product line.
- Return to profitability of the Kibo business.
- Over 200 battery swap stations established for electric 2-wheelers in Kenya and Uganda.
- Continued transition to greener energy, with a focus on electric and CNG vehicles in Tanzania.
Looking forward, Car & General has stated that “the current financial year will be critical to future success and will require a growth in market share in all sectors.” The company aims to stay ahead of rising competition and plans to improve margin through higher efficiency levels, while sustaining focus on electric mobility and smartphone connectivity to support livelihoods.
The Board has recommended a first and final dividend of KSh 0.80 per share, amounting to KSh 64.17 million, marking the resumption of dividend payments after no payout in 2023.
- Book Closure: Thursday, 29 May 2025 | Payment Date: On or about 19 June 2025
- Annual General Meeting set for 19 June 2025 at 10:00 a.m. in hybrid format at New Cargen House, Nairobi
