Lafarge’s Kenyan unit, Bamburi Cement Co, said full-year profit dropped 24 per cent on slower sales and higher electricity prices.
Net income for the year through December fell to KES5.3bn (US$65m) from KES7bn a year earlier, Bamburi said in a statement. Revenue declined 6.3 per cent to KES28.1bn.
The start of operations at a US$120m cement plant in Uganda from October will increase output by as much as 500,000tpa and probably help the company elevate profit this year, according to the statement.
The company’s board is responding to the “increased competitive environment and continues to implement appropriate strategies to enhance the group’s growth and profitability,” Bamburi said in the statement.
Bamburi will pay a final dividend of KES7/share, taking the total for the year to KES8.5/share, according to the statement.