Rwanda’s largest cement manufacturer CIMERWA Plc has reported a major growth in its revenue in the first quarter of 2021.
The company said on Friday, it fetched Rwf 30 billion worth of revenue indicating a 14% increase as compared to the same period last year.
According to John Bugunya, the Chief Finance Officer (CFO), the company was able to stage a stronger performance despite the devastating effects of Covid-19 pandemic.
“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,” said Bugunya.
Details also indicate that Cimerwa 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.
Meanwhile, Albert Sigei – Cimerwa Plc CEO said 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,” he said.
Sigei further noted that the noticeable increase in company inventories is a deliberate and strategic move to ensure that it is ready and able to supply the market with cement while maintaining support for the government’s infrastructure development agenda as a proud ‘made in Rwanda’ company.
As part of measures aimed at preventing further spread of Covid-19, the company has vaccinated about 200 staff and adheres to Standard Operating Procedures.
“Our good results during this period demonstrates Cimerwa’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,” Sigei said.