Sameer Africa has appointed John Mugo as the new managing director effective January 1, 2023.
According to a statement by the company, Mr Mugo will replace Peter Gitonga, who has been holding the position in an acting capacity since August 2019 and will be retiring from the company on December 31, 2022.
“The board takes this opportunity to congratulate him on his appointment,” said the company.
Mr Gitonga took up the position after former managing director Simon Ngigi quit in 2019, one year after his appointment.
Mr Mugo holds a bachelor’s degree in mechanical engineering from the University of Nairobi.
He is also a member of the Institute of Certified Public Accountants of Kenya and the Institute of Directors of Kenya.
Further, he has served as the Chief Operations Officer at the Kenyan-based Real Estate Invest Holding Company, Group Chief Operating Officer at a listed infrastructure investment group with operations in six African countries.
Mr Mugo’s immediate assignment will be to steer the firm to profitability and grow shareholder value.
The firm's net profit jumped five times to Kes 217.3 million in the year to December, helped by cost controls.
The company posted a net profit of Kes 43.3 million in 2020.
Sameer said lower costs boosted margins significantly even as sales fell 13.98 per cent or by Kes 105.8 million to Sh651.6 million in the period.
It also has a stake in Sameer Business Park — a complex of commercial offices along Mombasa Road, Nairobi.
Sameer also owns an estimated 85 acres of freehold land in Nairobi’s Embakasi that it bought decades ago.
