Twiga sees 33% rise in net profit for 1H20

Tanzania Portland Cement (Twiga) has reported a 33 per cent YoY increase in net profit to TZS34.94bn (US$15.05m) in the first half of 2020, against TZS26.19bn in the 1H19.

"Despite strong competition in the cement manufacturing industry and uncertainties brought about by COVID-19, [we] delivered a strong operational result compared to [last year]," said Hakan Gurdal, chairman.

The company also saw a 13 per cent rise in revenue to TZS181.45bn.

"[We are] well positioned to meet this growing demand and will continue to work to maintain [our] market leadership and position," said Mr Gurdal.