By The COAST Reporter
Bamburi Cement PLC has defied economic challenges in the first half of this year to register its pre-tax profits to Ksh621 million up from Ksh124 million in the first half of 2022.
The significant increase is driven by topline growth and cost containment measures implemented during the review period.
The significant rise in profits before taxation led to a 260 percent increase in cash generated from operations to Ksh2.8 billion from Ksh1.8 billion for the same period in 2022.
Commenting on the impressive performance, Bamburi Cement Group managing director Mohit Kapoor noted that despite the high inflation and the weakening shilling, which impacted on production costs, the company remained committed to deliver strong results.
“The 2023 first-half performance is a clear demonstration of our reliance, adaptability, customer focus and operational efficiency. We remain consistent in providing quality products and services through innovation to bolster topline growth as well as maintaining effective cost management measures that have resulted in business stability even with the unforeseen challenging occurrences.”
At the same time, a tax settlement in Uganda affected the net profits, which dropped to Ksh88 million from Ksh95 million recorded in the first half of 2022.
On the outlook, Mr. Kapoor remains optimistic, underlining that Bamburi Cement is well positioned to remain profitable as the company continues to execute its operational strategies and commercial excellence to enhance positive results growth.
In his comments on the results, Bamburi Cement Group chairman Dr. John Simba said: “As a market leader, our vision and business strategies remains top-notch to deliver quality product and services while ensuring shareholder value. We remain steadfast in our efforts to drive positive performance in the second half of 2023.”