Cimerwa Plc nets Rwf 1.9 billion

By IGIHE
On 15 December 2020 at 01:32

Rwanda’s cement manufacturer, Cimerwa Plc has netted Rwf 1.9 billion after tax profit for the fiscal year 2019/2020 translating into an increase of 1% compared to the previous year.

The figures were released yesterday as Cimerwa presented financial report for the past nine months of the previous financial year that ended September 2020.

Overall the company registered Rwf 63.5 total revenues.

The profit is promising for new investors wishing to buy the firm’s shares currently listed on Rwanda Stock Exchange (RSE).

Albert Sigei, Cimerwa Chief Executive Officer said that the performance required much effort due to COVID-19 disruptions which affected different businesses.

The firm was also closed during the 40-day lockdown.The plant later struggled to get new equipment for cement processing. Sigei explained that the firm managed to overcome those challenges with the support of the Government of Rwanda which established strong COVID-19 resilience strategy that they leveraged to expand activities.

Generally, Cimerwa produced 421,000 tons of cement. The firm registered a remarkable improvement producing 55,000 tons in July this year breaking record as the hugest bulk production since the establishment of Cimerwa.

Apart from the first quarter characterized by upgrading activities, Cimerwa gradually increased production in every quarter of this year. The firm is currently operating at 80% capacity.

“We need to keep up the momentum and avoid complacency so that we satisfy the market and increase profits,” said Sigei.

Cimerwa’s profit is mainly attributed to mega construction projects including construction of roads, health centers and over 22,000 classrooms built in different parts of the country in which the firm supplied over 8,000 tons.

Cimerwa registered a remarkable improvement producing 55,000 tons in July this year breaking record as the hugest bulk production since the establishment.

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