Bamburi Cement (LafargeHolcim group) has given a profit warning of earnings likely to drop by 25 per cent in 2018 following difficult market conditions and escalating international energy prices in Kenya and Uganda.
"The company wishes to inform the shareholders and potential investors that, based on the preliminary assessment of the unaudited consolidated management accounts, the 2018 full-year earnings of the Group are expected to decrease by more than 25 per cent, compared with the year ended 31 December 2017," the board said.
Bamburi Cement is the biggest regional player in east Africa but it has not saved it from announcing profits falling for the second year in a row to below US$14.22m, its lowest earnings in more than a decade.
