Cimerwa Plc nets Rwf1 billion profit in first quarter of 2021

On 21 June 2021 at 02:16

Rwanda’s leading cement manufacturer, Cimerwa Plc has netted Rwf1 billion after tax profit in the first quarter of this fiscal year while the plant earned Rwf30 billion total revenues translating into an increase of 14% compared to the same quarter last year.

Commenting on the provisional financial results released recently for the period ended 31st March 2021 ; John Bugunya, the Chief Finance Officer at Cimerwa Plc explained that the plant’s position in the first half of the year ‘paints an encouraging picture of what our financials will look like at the end of 2021’.

“Despite the effects of the lockdown that went into effect during the first quarter of this year, we were able to record strong revenue and profit and maintain a healthy cash balance of Rwf 8.7 billion. This speaks volumes on our resilience in the face of difficulties and challenges,” he said.

Cimerwa Plc also recorded Rwf 1.02 billion decrease in cost of sales which was buoyed by efficiencies in plant operations and prudent cost-saving measures.

Albert Sigei, Cimerwa Plc CEO explained that recorded revenues were driven by investments and market growth.

“The domestic market continues to show a good growth trajectory driven by infrastructure investments across the country while the export market also grew during the period. Amidst this wave of growth, our market position remains strong and steady and we are gearing up to make it even more robust. The noticeable increase in our inventories is a deliberate and strategic move to ensure that we are ready and able to supply the market with cement as we continue to support the government’s infrastructure development agenda as a proud ‘Made in Rwanda’ company,” noted Sigei.

The management of Cimerwa Plc has asserted that the plant continues to observe strict COVID prevention measures in line with the guidelines from the health experts such as the 1-meter rule, masks-on and hand washing rules and a strong vaccination effort that has seen over 200 staff taking COVID-19 jab.

“Our good results during this period demonstrates CIMERWA Plc’s ability to ride the wave of challenges that were brought on by the COVID-19 pandemic. This however is a collaborative effort that starts from the exceptionally skilled pool of people who work for this company, a competent and devoted board of directors and our supportive stakeholders. All of this puts us in a position to keep delivering on the promise we made to our customers, our shareholders and the country at large to continue Strengthening Rwanda,” noted Sigei.

About Cimerwa

Established in 1984, Cimerwa Plc has over three decades worth of experience as Rwanda’s first and only integrated cement manufacturer. The firm’s production plant is located in Bugarama, Rusizi District near the South Western border of Rwanda.

Cimerwa Plc is the only cement company in Rwanda to mine raw materials, produce the clinker concentrate, pack and sell cement for general and civil construction. Cimerwa Plc is committed to building strong partnerships with leaders and members of the local community. In the process, the firm has helped set up a number of initiatives geared at improving the livelihoods of the people.

These include a nursery and primary school, medical clinic, a market, a tailoring workshop and providing them with clean, piped water among many others.

Rwanda’s leading cement manufacturer, Cimerwa Plc has netted Rwf1 billion after tax profit in the first quarter of this fiscal year .