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Market recovery lifts Bamburi profit

NAIROBI, August 7 – Bamburi Cement Group has announced a 26 percent rise in its profit after tax from Sh1.59 billion to Sh2 billion for the half-year ended June 30, 2008.

Announcing the results, the Group’s Chairman, Richard Kemoli said that although the first six months of the year were challenging following the post poll chaos and its impact on the economy, their turnover increased from Sh10.5 billion to Sh11.4 billion.

“In Kenya, the good performance was stimulated by strong market recovery in the second quarter of the year, and augmented by good production performance,” he said.

Managing Director Michel Puchercos said that during the period under review, they continued to make significant capital investments and successfully implement their capacity enhancement strategy.
He explained that the company launched a Sh400 million clinker cooler project at the Mombasa plant, plus it invested in a new packing plant and a truck packing yard at the Mombasa plant and the Nairobi grinding plant respectively.

The construction of a new production line at the Kasese plant in Uganda, he added, had also commenced at a cost of Sh7 billion.

This project, which is due for completion by 2010, is expected to double their production capacity.

“All these will go a long way towards boosting our (production) capacity and enhancing our ability to serve customers better,” Puchercos said.

He expressed confidence that despite the expected slowdown of the country’s GDP, the Group’s outlook for the second half of the year remained positive.

The company’s board proposed an interim dividend of Sh3.20 per ordinary share.

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