The Rwanda Social Security Board has disclosed net asset values of Rwf61.2 billion for Inyange Industries and approximately Rwf40 billion for Ruliba Clays, providing a financial basis for its takeover of the two manufacturers.
In an exclusive interview with The New Times, RSSB chief executive Regis Rugemanshuro said the fund acquired the remaining 60 per cent of Inyange and 50 per cent of Ruliba, taking full ownership of both.
At the disclosed net asset values, those stakes proportionately represent Rwf36.72 billion and Rwf20 billion respectively, a combined Rwf56.72 billion. These are calculated values, not explicitly confirmed purchase prices.
The distinction matters: net asset value measures assets minus liabilities, while the negotiated price can differ depending on earnings prospects and transaction terms.
Inyange’s revenue rose from Rwf28 billion in 2021 to Rwf68.9 billion in 2025, an increase of approximately 146 per cent. After-tax profit reached Rwf1.35 billion in 2025.
That translates into a net profit margin of about 2 per cent, meaning Inyange retained roughly Rwf2 in profit for every Rwf100 in sales. Revenue growth has been substantial, but the margin leaves limited room to absorb higher costs without improving efficiency or adjusting prices.
Its milk powder plant can process up to 650,000 litres daily. Current utilisation was not disclosed. Higher throughput could spread fixed costs across more products, but depends on sufficient milk supply and buyers for the output.
Ruliba’s annual production capacity increased from roughly 62,000 tonnes to more than 126,000 tonnes following construction of a second factory.
Its after-tax profit, however, fell from Rwf749 million in 2023 to Rwf474 million in 2024, a decline of approximately 36.7 per cent. Rugemanshuro reported margin pressure in 2025 without disclosing that year’s financial result.
The expansion therefore represents earnings potential rather than demonstrated earnings growth. Its financial success will depend on selling additional production at profitable prices.
RSSB also put BK General Insurance’s transaction valuation at approximately Rwf32 billion. The insurer earned Rwf4.7 billion after tax in 2025, up approximately 74 per cent from Rwf2.7 billion in 2021.
That valuation is roughly 6.8 times its 2025 annual profit. This provides an earnings-based reference for the price, but does not establish whether the deal is cheap or guarantee future returns.
RSSB’s assets under management reached Rwf3.9 trillion in June 2026. Reported investment returns rose from Rwf401 billion to approximately Rwf438 billion, even as the return rate declined from 15.06 per cent to 12.8 per cent. A larger investment base can generate more money at a lower percentage return.
RSSB expects operating improvements within 12 to 24 months and financial progress over three to five years. The central test is whether the acquired businesses turn their assets and expanded capacity into stronger cash flows and dividends.
