Saturday, February 4, 2023
Smart Investor
No Result
View All Result
  • Home
  • Corporate
  • Energy
  • News
  • Policy and Politics
  • Technology
  • World
  • Smart Giver
  • Home
  • Corporate
  • Energy
  • News
  • Policy and Politics
  • Technology
  • World
  • Smart Giver
No Result
View All Result
Smart Investor
No Result
View All Result
Home Corporate

Bamburi Cement full-year net profit hits KES 2.2 billion

The company’s impressive result is on the back of positive volume and price performance coupled with robust cost management through various cost initiatives and operational efficiencies.

by Smartinvestor Correspondent
May 4, 2022
in Corporate, Energy
2 min read
38 0
41
SHARES
124
VIEWS
Share on FacebookShare on Twitter

Bamburi Cement Group has today announced its 2021 Financial Year results reporting a pre-tax profit of Kes 2.2 billion, representing a 22.3% year-on-year increase from Kes 1.8 billion posted in 2020.

The company’s impressive result is on the back of positive volume and price performance coupled with robust cost management through various cost initiatives and operational efficiencies.

The outcome has also reflected the continued economic recovery from impact of the Covid-19 pandemic particularly in the construction sector.

Similar Stories You May Like

No Content Available

The Group’s Turnover has increased by 19% from Kes 34.9 billion to Kes 41.4 billion which can be attributed to growth in retail and key account segment in both Kenya and Uganda.

Domestic selling price in Kenya improved much more as compared to prior year due to higher proportion of premium products sales and targeted price actions in the retail segment.

The cement maker’s operating Profit for the year grew by 17% to Kes 2.3 billion from Kes 2.0 billion, which was achieved despite 2021 being an inflationary year with prices of coal, power, imported clinker and global fuel increasing and adversely affecting the company’s cost base.

The company’s net profit was Kes 1.38 billion, 22.2% higher than the previous year. With this, the board has recommended a dividend payout of Kes 1.38 billion at the rate of Kes 3.58 per ordinary share subject to shareholders’ approval in the upcoming Annual General Meeting.

Mr. Seddiq Hassani, Bamburi Cement Group Managing Director said that they have made substantive progress on strategic cost optimization actions and sustainability initiatives leading to high levels of operational efficiency and the 17% increase in the operating profit.

Urging that as the cost of input raw materials continues to rise excessively, there will be a continuation in implementing these initiatives.

He added that they are committed towards innovation aimed at achieving better returns for our shareholders.

For example, one of the investments made was looking to fill a gap in the untapped specialized mortar segment and Bamburi TectorCeram SETI 300, a ready-to-use tile adhesive under this range had been launched earlier this year.
There has also been a gradual embarking on the switch to green solar energy as part of the efforts towards saving on power costs and contributing to Net Zero goals.

Mr. Hassani said that the company envisages growth in cement demand supported by stable economic environment.
Suggesting that as it is currently in Uganda, cement demand is expected to be fueled by greater investment in public infrastructure especially as visualized in the oil industry.

Even though, the impact of the closure of the Uganda – Rwanda border is a downside risk though positive signs are embraced and believed in upon the reopening that has been observed as of earlier this year when it became operational.

Showing his optimism about a further growth in exports with the admission of Democratic Republic of Congo as the member of East Africa Community (EAC).

Dr. John Simba, the Bamburi Cement Group Chairman concluded that in Kenya, the big four government agenda in the areas of affordable housing and significant investments in infrastructure projects in the pipeline (roads, railways, ports, special economic zones) is expected to fuel the growth of cement market.

However, noted that the impact of the coming general election is an unquantified risk factor which potentially might impact market dynamics in a manner still unknown and quite so so unpredictable being a contentious matter.

Tags: Bamburi
Share16Tweet10SendShare3ShareSend
Previous Post

Absa Life Assurance Kenya net profit surges 84% to KES 245 million

Next Post

LBank, Adanian Labs partner to nature next generation of crypto-block chain developers

Related Posts

Bluebird Aviation: We are ready to ease flight disruptions with charter flights

November 7, 2022

Airlines collaborate to bolster safety post pandemic

October 21, 2022

Positive prospects for Kenya’s airline sector, after smooth transition of power

September 12, 2022

First-time travellers boosting airline industry recovery

September 12, 2022
Next Post
From Left: LBank Chief Executive Officer, Allen Wei and Adanian Lab Chief executive and Co-Founder, John Kamara, during a live panel discussion to demystify Blockchain and Crypto technology in Africa

LBank, Adanian Labs partner to nature next generation of crypto-block chain developers

Mizizi Africa Homes: Entrench affordable housing as a Vision 2030 flagship project

ADVERTISEMENT

GET UPDATED ON TWITTER

MOST READ STORIES

First-time travellers boosting airline industry recovery

September 12, 2022

Fly 748 Managing Director takes on professional athletes in a Triathlon challenge

May 30, 2022

MYWO: Elect women leaders to address poverty and social vices in North Eastern region.

May 27, 2022

TikTok, CAF celebrates football talents with a fun Africa Day Challenge

May 26, 2022

FIND A STORY

No Result
View All Result

TOP STORIES

Fly 748 takes up stranded KQ passengers, records influx in bookings

November 7, 2022
Fly 748 Stand at Sarit Center

Fly 748 projects end year flight bookings boom

October 28, 2022

Nairobi West Hospital Eyes Medical Evacuations with new Helipad

September 5, 2022

CORPORATE

Bluebird Aviation: We are ready to ease flight disruptions with charter flights

November 7, 2022

Airlines collaborate to bolster safety post pandemic

October 21, 2022

Positive prospects for Kenya’s airline sector, after smooth transition of power

September 12, 2022

WORLD

From Left: Chinedu Okeke named MD, Universal Music Nigeria, Elouise Kelly appointed COO, Universal Music South Africa and Sub-Saharan Africa and Sipho Dlamini promoted to CEO, Universal Music South Africa and Sub-Saharan Africa

Universal Music Group announces Strategic Leadership Appointments within Africa

January 7, 2021

Kenya Rugby welcomes high performance consultant, Peter Harding

December 10, 2020

EABC: Harmonize and Reduce Charges at Rusumo One-Stop Border Post to Facilitate intra-EAC trade

December 3, 2020

© 2021 Smart Investor | Site by Michael

  • Get in Touch
  • Home
  • Privacy Policy
No Result
View All Result
  • Home
  • Corporate
  • Energy
  • News
  • Policy and Politics
  • Technology
  • World
  • Smart Giver

© 2021 Smart Investor | Site by Michael

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.