ARM Cement issues profit warning for 2017

Kenya-based ARM Cement has issued a profit warning for the 2017 period, suggesting that the company will post a loss of at least KES3.5bn (US$34.5m). According to a notice sent on Monday, the producer anticipates that the loss will widen by a further 25 per cent from KES2.8bn recorded in 2016. 

"The Group’s performance has been adversely affected by difficult market conditions and import ban for coal in Tanzania, by the prolonged and disruptive election period in Kenya, as well as a strain on the Group’s working capital. The Board of Directors also anticipates negative year-end provisions for contingencies and impairments of inventories and assets," said the company in a statement.