Tanzania Portland Cement reports increased profits for 2018

Tanzania Portland Cement reports increased profits for 2018
12 June 2019

Tanzania Portland Cement (TPC PLC), also known as Twiga Cement, recorded a 28 per cent YoY increase in operating profit for 2018, rising to TZS80.06bn (US$34.8m) from TZS62.67bn. The growth in profit has been attributed to a 28 per cent increase in revenue and higher clinker production, despite that selling and administrative expenses were also up nine per cent YoY.

"2018 was also critical to consolidate the processes and the organisation at country level, but also a good opportunity for TPC PLC to lead the new East African Cluster with its best practices. All these efforts together with the operational improvements are making it possible to offset the stiff competition and to face the coming challenges with a stronger financial position," said Alfonso Velez, managing director.

Mr Velez acknowledged the significant overcapacity in the market but was confident that his products and services would keep supporting customers in the competitive market, according to Daily News.

"TPC PLC increased sales volume above nine per cent compared to year 2017, our strong and loyal customer network made it possible, extending our commercial efforts to all the Tanzanian territory and neighbouring countries and ensuring the brand recognition as a premium for all our customers," said Mr Velez.

Published under Cement News