CIMERWA Plc records a 14% increase in revenues for half year to March 2021

By Published On: June 24th, 2021Categories: Corporate announcement, Earnings

CIMERWA Plc released its interim financial results for the period ended 31st March 2021. The Company posted record revenue of Rwf 30 billion, indicating a 14% increase as compared to the same period last year. With a Rwf 1.0 billion Profit After Tax figure, CIMERWA Plc closed the first half of the year on strong footing.

“Our 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.” Stated CIMERWA Plc CFO – John Bugunya

CIMERWA Plc also recorded a 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 commented on these numbers as he weighed in on the company’s plans for the remainder of the year.

‘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.’ Explained Mr. Sigei.

On the health and safety front, CIMERWA Plc 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 handwashing rules and a strong vaccination effort that has seen over 200 staff take the 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.”

-Ends


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