Bamburi Cement Group reported a pre-tax profit of KES2.2bn (US$19m) in 2021, representing a 22.3 per cent YoY increase from KES1.8bn in 2020. The advance comes on the back of improved volumes and prices coupled with cost management, and also reflects continued economic recovery from impact of the COVID-19 pandemic.
Group turnover increased by 19 per cent from KES34.9bn to KES41.4bn, attributed to growth in retail and key account segment in both Kenya and Uganda. Operating Profit rose by 17 per cent YoY to KES2.3bn despite inflationary pressures in 2021 with increased prices of coal, power, imported clinker and global fuel affecting the company's cost base. Net profit for the company was 22.2 per cent higher YoY to KES1.38bn.
Mr. Seddiq Hassani, Bamburi Cement Group Managing Director commented: "We made substantive progress on our strategic cost optimization actions and sustainability initiatives leading to high levels of operational efficiency and the 17 per cent increase in our operating profit. As the cost of input raw materials continues to rise excessively, we will continue implementing these initiatives".
