CIMERWA records RWF 16.7 billion profit in last 12 months

By IGIHE
On 5 December 2019 at 05:20

Rwandan cement producer, CIMERWA reports that between July 2018 and July 2019, its profit increased by 55% from Rwf 10.8 billion in 2018 to Rwf 16.7 billion in 2019.

The report was published on December 5th, 2019 when CIMERWA was announcing its financial results.

The report also shows that the cement industry produced 357,736 tons of cement in 2018 and increased to 429,730 tons in 2019 meaning there has been a 20% increase in production equal to 71, 994 tons.

The increase in cement production made Rwf 12 billion profit to CIMERWA given that between September 2017 and September 2018, they recorded Rwf 50.2 billion in profit while between September 2018 and September 2019, they recorded Rwf 62.2 billion profit. There was an increase in profit of 24%

Bheki Mthembu, CIMERWA Chief Executive Officer says that the increase in profit was brought about by the industry stopping its activities in April this year for renovation and work on some of the hindrances that impacted the industry’s activities.

Mthembu says that apart from the increase in production and profit, the company engaged in CSR activities to support the communities they operate within, in particular, those who live near the premises of the industry.

Those activities aimed at developing infrastructures and contributing to the health, education and business sectors.

John Bugunya, CIMERWA Chief Finance Officer says that the increase in profit was due to the projects CIMERWA invested in, including the construction of Kigali Arena, Bugesera Airport, the office of the Prime Minister and Gasabo District office among others.

CIMERWA has a production capacity of 600,000 tons of cement per year but it has not yet achieved this number since it only produces 80% of it.

The average amount of cement that is needed in the country per year is 640,455 tons. CIMERWA intends to reach 90% of its production capacity by 2020 and 100% by 2021.

CIMERWA has a production capacity of 600,000 tons of cement per year but it has not yet achieved this number since it only produces 80% of it.

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