Earnings UpdateBamburi Cement Post a 7.6% Growth in Profit to Kes 776 million in 1H2021

Bamburi Cement Group has posted a Kes 776 million profit for the half-year ended 30th 2021, a 7.6 % growth compared to the Kes 721 million profit recorded in a similar period last year.

The cement maker attributes the growth to the recovery of the cement market against a depressing first half of 2020, impacted adversely by the COVID-19 containment measures introduced at the onset of the pandemic.

Pretax Profit grew significantly to Kes 1.1 billion from Kes 213 million in 2020. Apart from the growth in topline, the company, through its Managing Director, Mr Seddiq Hassani, attributed the performance to the carry-over cost savings following the implementation of their Health, cost and cash action plan.

“We have a renewed commitment to operate sustainably in line with Holcim’s agenda of Building Progress for People and Planet. To achieve this, Bamburi has lined up carbon emission control and circular economy initiatives that will safeguard the environment and also deliver cost-efficiencies and add greater value to the stakeholders,” Mr Seddiq Hassani.

Bamburi cement outlook

Bamburi Cement has introduced initiatives that include the Houses of Tomorrow (HoT) project – an initiative on green building solutions which includes the use of low carbon emission products, a growing portfolio of Green Cements, as well as continued quarry rehabilitation, water and biodiversity management, and waste management through co-processing partnerships with waste producers to provide environmentally clean waste disposal options, among other projects.

“The past year has been a learning curve that has enabled us to evolve towards more modern business practices as we continue to set industry standards on quality, operational efficiency and innovation. We maintain a positive outlook for the rest of the year as the government continues to roll out the Covid-19 vaccination programs and ease-off containment measures which we hope will continue to drive progressive economic recovery”.Seddiq Hassani noted.

The board of directors did not recommend payment of an interim dividend.

Read also; Bamburi Posts 213 Million in Profits for 1H2020.

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