CIMERWA Plc released its interim financial results for the half year (6 months) period ended 31st March 2022.
The Company posted a record revenue of Rwf44billion, indicating a 45% increase compared to the same period last year.
With a Rwf5.2 billion Net Profit, CIMERWA Plc closed the period on strong footing.This represents a +414% increase versus Rfw1.0 billion achieved during the same period last year.
“We had robust financial performance for the interim period (6 months to 31st March 2022) and are optimistic that this good trend will be sustained in the second half of financial year ending 30th September 2022. Despite the impact of the Ukraine conflict and COVID-19, we were able to record strong financial performance and maintain a healthy cash balance of 15.5 billion. This speaks volumes regarding our resilience in the face of challenges.” Stated CIMERWA Plc CFO, John Bugunya.
CIMERWA Plc recorded the strong increase in Net Profit on the back of revenue growth, improved plant operating efficiency, stringent costs saving measures and production process innovation.
Working capital saw a decline as a result of good working capital management with inventories decreasing by Rwf4.7 billion to stand at Rwf11.9 billion.
The Company’s performance has significantly strengthened its financial position with retained earnings now standing at Rfw9.4billion, an improvement of +388% from Rwf1.9 billion last year.
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 market is expanding, and we are well positioned to capture the opportunity that comes with this. We are proud to have achieved a +46.6% growth in sales volumes during the period with exports posting a solid growth of +62% and the domestic market remaining robust with the support of ongoing construction projects. Our market leadership position remains strong and steady and we are gearing up for greater achievements going forward in spite of the challenging business environment,” he explained.
On Health and Safety, CIMERWA Plc continues toobserve strict COVID prevention measures and supporting the strong vaccination drive by the Government of Rwanda. All our staff and most of our partners have received at least two doses of the COVID vaccine and the turn up for the booster dose is high.
“The good results in this interim period demonstratesCIMERWA Plc’s resilience in the face of a challenging environment. This has been made possible by acollective effort that starts from the passionate skilled staff who work vigorously for this company, a competent and dedicated board of directors and oursupportive stakeholders. We stay committed to keep delivering on the promise made to our customers, shareholders, and the country at large to continue STRENGTHENING RWANDA.”
