Twiga Cement’s net profit up 2pc
What you need to know:
- Revenue for the firm that trades as Twiga Cement was boosted by increasing cement demand.
Dar es Salaam. Tanzania Portland Cement improved its net profit by two per cent for six months this year.
Revenue for the firm that trades as Twiga Cement was boosted by increasing cement demand.
According to the company’s unaudited financial statement, the net profit for the period ending June 30, 2016 was Sh22.7 billion compared with Sh22.1 billion recorded during the previous first half of the year.
Following that performance, the Dar es Salaam Stock Exchange-listed company’s board of directors declared an interim dividend of Sh120 per share compared with Sh95 per share paid in the first six months of last year.
The company’s revenue increased from Sh135.7 billion to Sh142.3 billion during the same period.
“The increase in revenue is mainly the result of higher sales volumes by growing cement demand as well as overall improvement of performance despite unfavorable exchange rate of the shilling against the US dollar compared to the same period of 2015,” commented Mr Alfonso Rodriguez, the chairman of the board, in the statement.
The payment for this year’s interim dividend will be done on October 31, the statement said.
