Bamburi Cement has posted a net profit of Ksh. 776 million for the first six months ending 30th June, 2021, compared to Ksh. 721 million over the same period in 2020.
The company’s turnover also increased to Ksh. 19.6 billion in the first 6 months of 2021, from Ksh. 16.2 billion in H1, 2020, while Operating profit increased to Ksh. 1.1 billion from Ksh. 228 million in H1, 2020.
Similarly, the Group’s pre-tax profit increased significantly from Ksh. 213 million in H1, 2020 to Ksh. 1.1 billion. Total comprehensive income increased from Ksh. 958 Million to Ksh. 1.1 billion during the period under review.
Equity attributable to owners of the firm increased from 30 billion to Ksh. 30.3 billion at the end of the six months ending 30th June 2021. Bamburi Cement profitability, measured by Earnings per Share, increased to Ksh. 1.86 from Ksh. 1.84 in H1, 2020.
The Cement manufacturer attributed the improved profitability to recovery of the cement market from a depressed 2020 that saw the construction business hit adversely by COVID-19 containment measures. Bamburi has also benefited from increased government spending on huge infrastructure projects, consuming the more expensive premium cement.
Seddiq Hassani, Bamburi Cement Managing Director, attributes the firm’s improved performance to the cost optimization plan that has enabled the cement manufacturer to offset significant cost inflation on imported clinker and coal.
“We maintain a positive outlook for the rest of the year as the government continues to roll out the Covid-19 vaccination programs and ease-off containment measures which we hope will continue to drive progressive economic recovery,” said Hassani.
Dr. John Simba, Chairman of Bamburi Cement, said the Kenyan government’s continued commitment to delivering the ‘Big 4’ agenda and the ongoing key infrastructure projects in oil and gas in Uganda.
Bamburi Cement is a Lafarge company, a member of Holcim Group, and a leading cement maker in the East Africa region, having been operational for 67 years. Its subsidiaries include Hima Cement Ltd (Uganda), Bamburi Special Products, Lafarge Eco Systems and Binastore.