Cimerwa announces 14% rise in revenue

Cimerwa announces 14% rise in revenue
23 June 2021

Rwanda’s Cimerwa has announced a 14 per cent YoY increase in revenue to RWF30bn (US$30.07m) for the first half of the financial year, ended 31 March 2021. The company’s profit after tax also reached RWF1bn.

"Despite the effects of the lockdown that went into effect during the first quarter of this year, we were able to record strong revenue and profit and maintain a healthy cash balance of RWF8.7bn. This speaks volumes on our resilience in the face of difficulties and challenges," said John Bugunya, CFO.

Albert Sigei, CEO, noted that the domestic market continues to show a good growth trajectory driven by infrastructure investments across the country while the export market also grew during the first half of FY20-21.

"Amidst this wave of growth, our market position remains strong and steady and we are gearing up to make it even more robust. The noticeable increase in our inventories is a deliberate and strategic move to ensure that we are ready and able to supply the market with cement as we continue to support the government’s infrastructure development agenda as a proud ‘made in Rwanda’ company," said Mr Sigei.

Published under Cement News