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CIMERWA Plc Profit Before Tax Hits Record Rwf 5.4bn In Year-ended 30 September 2021, +179% Increase

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Rwanda’s sole cement manufacturer, CIMERWA Plc, has record Profit Before Tax of Rwf 5.4 billion, a +179% increase compared to the previous year, according to its Final financial results for the period ended 30 September 2021.

The Company closed the year on strong footing with Revenue of Rwf 67.3 billion (+7% versus last year), Profit After Tax at Rwf 4.1 billion (+111% better than last year), and Earnings Per Share improving by +111% to reach 5.86.

“We have achieved strong financial results in the year ending 30 September 2021 despite the effects of various Covid-19 lockdowns during the period,” the company’s CFO, John Bugunya, told Taarifa.

This excellent performance was driven by growth in revenue as the business executed its route-to-market strategy so as sustain the dominant market share position as well as margins.

In addition, prudent cost management initiatives were implemented across the business as reflected in the cost of sales remaining flat year-on-year.

It was a difficult year with continued COVID-19 disruptions but nevertheless, we made a strong contribution to allow Rwanda’s critical construction activities to progress smoothly.

The compnay’s CEO, Albert Sigei spoke to Taarifa today morning in an exclusive interview and expanded on how he has his team to deliver positive results during the pandemic.

Earlier this month, he also hosted a massive gala dinner to extend gratitude to Cimerwa’s customers.

He said, after releasing financial results, “We are ready to exploit the projected growth of the Rwanda and neighboring export markets with adequate stocks and capacity in place to service the trade and major infrastructure projects.”

He also emphasised that, “We remain firmly in support of the ‘made in Rwanda’ strategy and are keenly taking actions to defend our domestic market share and expand our exports.”

The company says these exceptional results reflect its resilience and the impact of the solid foundation that has been laid by the Board and Management.

Last week board members met to approve the results and to give management advise and blessings for next year.

“We are uniquely positioned to tap into the immense growth potential in Rwanda and the Great Lakes region while confidently riding the waves of challenges brought on by the COVID-19 pandemic,” Sigei said.

Over a dozen journalists attended a press conference to witness the company’s release of its financial results at Serena Hotel on Thursday afternoon.

“I must appreciate the collaborative effort starting from our skilled and committed workforce, a solid Board of Directors, and supportive stakeholders. All of this puts us in pole position to keep delivering our brand promise,” he noted.

Editor’s note:

Our exclusive interview will be published on Tuesday morning, next week.