Rwanda’s sole cement manufacturer announced on Monday afternoon that it had managed to collect Rwf63.1 billion in revenues despite the effect of Covid-19 pandemic to the economy.
The firm said the revenue growth registered represented a 1% margin.
CIMERWA’s CEO, Albert Sigei, said the company is satisfied with the results because such an achievement is benchmarked against results posted by other firms regionally and locally who are recording negative double digit growth.
“This year has been challenging but we had
to navigate through over the past year we achieved a 1% sales revenue increase and ended the year with a PAT of Rwf 1.95billion,” Sigei said.
He added that, “…and achieved our best quarterly performance in Q4 with July 2020 sales volumes being our best in history at 55,000 metric tons.”
This development, the firm said, can be attributed to the strong cement demand
driven by the large national infrastructure projects as well as the deliberate urbanization drive by all stakeholders.
“We had numerous highlights in the last fiscal
year including the launching of the “SURE
RANGE” portfolio of products, including our
new variant ‘’SUREWALL,’’ Sigei added.
The company’s CFO, John Bugunya explained that CIMERWA has been involved in key national projects this past year, a prime example would be MINEDUC’s project to expand 22,000 schools country-wide, Kigali road network expansion, real estate projects (like Agatare, Busanza etc.).
More details shortly…