Logistics firm secures Sh572mn from SBM Bank to expand truck fleet
NAIROBI, Kenya, Oct 21 – SBM Bank Kenya has financed the purchase of 50 trucks worth $4.44 million (about Sh572 million) by logistics company Beyond Continents Logistics Limited to expand…
Kenya's SBM Bank has provided Sh572 million in financing to logistics company Beyond Continents Logistics Limited. The funds will be used to purchase 50 trucks, valued at $4.44 million, from the Shacman Prime Movers line, fitted with Bhachu trailers. This expansion aims to bolster the company's cargo transport capabilities throughout East Africa.
Eric Wambua, Director of Corporate and Institutional Banking at SBM Bank Kenya, explained that the bank covered up to 100 percent of the truck cost. The financing agreement also provides a repayment period of up to 720 days and commercial vehicle insurance spread over 10 months to aid the company's cash flow management.
Wambua highlighted that flexible asset financing is a crucial factor for businesses seeking to grow in Kenya and the broader region. Beyond Continents Logistics anticipates that the additional trucks will significantly improve their haulage capacity, particularly as international supply chains evolve and import-export volumes expand across local and regional markets.
Lawrence Ndushabandi, from Beyond Continents Logistics, emphasized that the fleet expansion is vital for maintaining operational reliability as trade volumes grow. The deal highlights the increased demand for transport capacity across East Africa and the wider African market.
Recent financial reports show that SBM Bank Kenya experienced a 171.3 percent increase in profit before tax, reaching Sh548 million. Customer deposits grew by 24 percent to Sh94 billion, while net loans and advances increased by 18 percent to Sh54.1 billion.
Written by urgent.news from Capital Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
