Shareholders of Car & General (C&G) are set to receive a total dividend payout of Ksh 64.2 million for the financial year ended December 2024, following the company’s return to profitability after a challenging period.
During a virtual Annual General Meeting held on Thursday, shareholders approved the board’s recommendation of a final dividend of Ksh 0.80 per share. The approval marks a positive turnaround for the firm, which reported a gross profit of Ksh 526 million, reversing a loss of Ksh 273 million recorded in the previous year.
C&G Chief Executive Officer Vijay Gidoomal attributed the recovery to the company’s diversification and operational resilience amid market headwinds, particularly within the boda boda sector — a core component of its business in Kenya. “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 lines,” Gidoomal said.
The firm reported a turnover of Ksh 21 billion in 2024 and projects further growth in 2025, despite ongoing global economic uncertainties. Gidoomal noted that while geopolitical challenges may continue to affect global markets, the East African region is expected to remain relatively stable.
Car & General has strategically diversified into five business lines, automotive and equipment distribution, real estate investment, financial services, poultry, and helmet manufacturing, helping to cushion the firm from sector-specific shocks. “This diversity, coupled with a broader geographical reach, is the backbone of our sustainability,” Gidoomal added.
During the AGM, shareholders also approved the retirement of long-serving board member Madabhushi Soundararajan after 17 years and confirmed the appointment of Nikhil Rustam Hira as an Independent Non-Executive Director.
Written By Rodney Mbua
