Vehicle and equipment supplier Car & General said yesterday its net profit for the year ending last September rose 18.47 per cent to Sh315.79 million compared to a year earlier largely on increased sales. Earnings from sales, C&G said in a filing with Nairobi Securities Exchange, stood at Sh7.06 billion, a 23.54 per cent jump from Sh5.71 billion in September 2012 . The sales were mainly boosted by improved businesses for twowheelers boda boda motor cycles and the three wheelers popularly known as tuk tuks in Kenya and Tanzania , it said, also emphasising the contribution from a complete knock down motorcycle plant in Nakuru . "Profits from operations were adversely by a decline in mining activity in Tanzania which reduced revenues," it noted, adding that the March 4 elections in Kenya also slowed sales during the first half of its fiscal year to March 2013 . The company directors have proposed a dividend payout of 80 cents a share and a bonus issue of one new share for every five held as per the close of register on February 19 at the value of Sh5 a piece. The proposals are subject to March 20 shareholders' annual general general meeting and regulatory approvals. The proposed creation of seven million new shares will raise the auto dealer's share capital to Sh205 million from present Sh170 million.
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