Tanzania Portland Cement's profits fall to TZS35.5bn in FY17

Tanzania Portland Cement's profits fall to TZS35.5bn in FY17
03 April 2018

Tanzania Portland Cement Company Ltd (TPCC), also known as Twiga Cement, recorded a net profit of TZS35.5bn (US$15.6m) last year, lower than TZS39.8bn (US$17.6m) recorded in 2016.

According to unaudited financial results for the year ending December 2017, the fall of net profit was a result of increase income tax, decrease in price and sale costs.

 Income tax nearly doubled to TZS30bn in 2017 from TZS17.6bn in 2016, while costs of sale also went up to TZS184bn from TZS170bn in 2016.

However, in terms of gross profit, the report notes an increase to TZS65bn in 2017 from TZS57bn in 2016.

"Year 2017 was characterised by a very competitive market, with extra capacity and challenging economic environment. Notwithstanding these challenges, TPCC continued to deliver resilient set of results," said the company board Chairman, Hakan Gurdal.

The total revenue decreased to TZS268.8m from TZS277.2m in the previous year,  a fall of three per cent that was attributed to the lower market price of cement price.

Published under Cement News