Kenya’s Bamburi Cement has posted a 78.2 per cent YoY drop in net profit for the half-year period ended 30 June, falling to KES399m (US$3.96m) from KES1.83bn. Revenue remained flat at KES18.55m, compared to KES18.58bn of the previous year.
The company noted the effects of a contracting market in Kenya on its performance. Meanwhile, in Uganda, a combination of lower sales due to production challenges, competitive pressure on prices and a slowdown in government expenditure negatively impacted performance.
"Despite the Kenyan market contraction in the first half of the year, we anticipate a recovery in the later part of the year and into 2019" said Seddiq Hassani, managing director, in a statement.
"In Uganda, through the marketing strategies that are being adopted, we expect to further capture the opportunities in the growing inland Africa and capitalise and grow our market share despite of the current oversupply situation markets" he added.
Published under Cement News