CIMERWA posts end of year revenue of RWF92.1bn

CIMERWA Plc's year-end financial results recorded revenue of RWF92.1bn (US$84.6m) in 2022, 37 per cent above the previous year.  

“This is mainly attributed to the optimisation of our production processes, cost savings initiatives and the effective execution of our route-to-market strategy for both our domestic and export markets,” said John Bugunya, CFO of CIMERWA Plc.

“Our Profit Before Tax stood at RWF16.9bn, a significant improvement of 212 per cent compared to the prior year. This was on account of the operating profit improvement driven by higher sales volumes supported by price optimisation, cost management initiatives resulting in a lower cost of production, and declining finance costs in line with the reducing debt following voluntary early loan repayment during the year,” Mr Bugunya added.

The company is servicing a healthy pipeline of major infrastructure projects such as the New Bugesera International Airport and the refurbishment of the Amahoro Stadium, amongst others. In addition, it is strengthening strategic route-to-market channels to ensure that the company maintains its leadership position in the domestic and relevant export markets.

Albert Sigei, CEO of CIMERWA Plc, said: “The company has put in place a strategy and roadmap to guide actions around Environmental and Social Governance (ESG) such as environmental protection and carbon footprint reduction. In our journey towards net zero in the long term, we are building on the solid progress made over the last three years, including reduction of carbon dioxide emission per ton of cement produced by over 20 per cent. This has been made possible by efficient delivery of key levers of our decarbonisation strategy which include reducing clinker factor, increasing coal substitution with the usage of alternative fuels such as biomass and tapping into renewable energy solutions.”