Bamburi Cement has recorded a 500 per cent increase in its pre-tax profits to Sh621 million for the first half of 2023, compared to Sh124 million it posted for a similar period in 2022.
Bamburi accredited the profit surge during the tough economic environment in the first six months of 2023 to topline growth and cost containment measures the company adopted.
The cement manufacturer says the rise in pre-tax profit resulted in a 260 per cent increase in operational revenue to Sh2.8 billion from Sh1.8 billion for a similar period in 2022.
Bamburi Cement Group MD Mohit Kapoor says the firm was committed to delivering strong results despite the high inflation and a weakened shilling, which increased production costs.
“The 2023 first-half performance is a clear demonstration of our reliance, adaptability, customer focus and operational efficiency,” indicated Kapoor.
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He added, “We remain consistent in providing quality products and services through innovation to bolster topline growth as well as maintaining effective cost management measures that have resulted in business stability even with the unforeseen challenging occurrences.”
Similarly, the company revealed that a tax settlement it made in Uganda reduced its net profits to Sh88 million from Sh95 million, which it had recorded in the first half of 2022.
Kapoor expressed optimism Bamburi Cement has positioned itself to remain profitable as it executes its operational and commercial strategies to build on its H1 2023 stellar growth.
“We remain steadfast in our efforts to drive positive performance in the second half of 2023,” said Bamburi Cement Group Chairman Dr John Simba.
