Tanzania Portland Cement reports 9M profit up 6%

Tanzanian cement producer Tanzania Portland Cement PLC has posted a six per cent increase in pretax profit in the first nine months of the year as domestic and export cement demand has surged. Pretax profit increased by six per cent YoY to TZS110.53bn (US$47.4m) in the 9M22 from TZS94.82bn in the year-ago period.

The company’s cement revenue rose by nine per cent YoY to TZS358.3bn, but the cost of sales of TZS226.2bn considerably impacted its net profit.

“The high availability and efficiency of the plant and machinery have contributed to the improved performance compared to the same period 2021,” the company said.