Mauritius-based Kolos saw its profits fall by 17.4 per cent to MUR145m (US$3.57) from MUR175.6m in 2019. The company’s income declined from MUR1.4bn to MUR1.3bn.

The drop in profit and income was the result of the lockdown due to the COVID-19 pandemic as well as the rising cost of raw materials as the rupee weakened.

However, the company stated that “despite the difficult operating environment, the company showed tremendous resilience and demonstrated its ability to ensure continuous supply of cement in the market to meet the demands of its customers at all times, to conclude a profitable year.”