Bamburi Cement pretax profit falls 15% y/y
Bamburi Cement, the biggest cement manufacturer in Kenya, has announced a 15% fall in pretax profit to 7.17 billion shillings (US$83.3 million) for FY2012. The Lafarge-controlled company attributes the loss to lower gains on its foreign currency holdings – in the previous year, the Kenyan shilling had weakened against the dollar, whereas last year it held stable.
Turnover was up 4% to 37.5 billion shillings, while operating profit dropped 14% due to higher costs.
"The group anticipates underlying cement demand to continue growing in the region despite a slow start in Kenya influenced by the election period, supported by improved political stability in the inland Africa export markets," Bamburi said in a statement.
The announcement comes a few days after East Africa Portland Cement announced a return to profitability.
Edited from various sources by Katherine Guenioui.
Read the article online at: https://www.worldcement.com/africa-middle-east/01032013/bamburi_cement_profit_down_897/
You might also like
Selecting the right substitution
Tahir Abbas and Michalis Akritopoulos, Cinar Ltd., discuss the key factors cement plants should consider when increasing the substitution rate of alternative fuels in their production process.