Tanga Cement reduces loss

Tanga Cement reduces loss
12 September 2018

Tanga Cement reported a net loss after tax of TZS1.8bn (US$788,135) for the first half of 2018, a marked improvement of its business results when compared to 1H17 when losses reached TZS14.6bn.

The company’s operating profit for the six-month period reached TZS6.7bn, an advance when compared with the TZS4.3bn operating loss for the equivalent period in 2017.

“Our interim half year results will be published in the coming two weeks….They will show you a clear picture of how our turnaround plan is working….We remain very optimistic that we will return to profitability in 2018,” the company’s Chairman, Lau Masha, told shareholders at the company’s 24th AGM in Dar es Salaam recently.

Meanwhile, Tanga’s Managing Director, Reinhardt Swart, remains positive about the company’s prospects over the next five years. “Projects such as the oil export pipeline from Uganda through Tanga in Tanzania. The Standard Gauge Railway and the Dar es Salaam and Tanga port upgrades are gaining momentum and anticipated to boost demand for cement in Tanzania over the next five years,” he said.

Published under Cement News