Bamburi Cement PLC has defied the challenging economic environment in the first half of this year, increasing its pre-tax profits to KES 621 million, up from KES 124 million in the first half of 2022.
The significant increase is driven by top line growth and cost containment measures implemented during the review period.
The significant rise in the profit before tax led to a 260% increase in cash generated from operations to KES 2.8 billion from KES 1.8 billion for the same period in 2022.
Commenting on the impressive performance, Bamburi Cement Group Managing Director Mr. 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 top line growth as well as maintaining effective cost management measures that have resulted in business stability even with the unforeseen challenging occurrences,”
Mr. Kapoor noted.
At the same time, a tax settlement in Uganda affected the net profits, which dropped to KES 88 million from KES 95 million recorded in the first half of 2022.
Commenting 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.”
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