31st May 2022
CIMERWA Plc records a +414% increase in Net Profit for the half year to 31st March 2022.
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 Rwf 44 billion, indicating a 45% increase compared to the same period last year. With a Rwf 5.2 billion Net Profit, CIMERWA Plc closed the period on strong footing. This represents a +414% increase versus Rfw 1.0 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 Rfw 4.7 billion to stand at Rwf 11.9 billion. The Company’s performance has significantly strengthened its financial position with retained earnings now standing at Rfw 9.4 billion, an improvement of +388% from Rfw 1.9 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’’, Explained Mr. Sigei.
On Health and Safety, CIMERWA Plc continues to observe 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 demonstrates CIMERWA Plc’s resilience in the face of a challenging environment. This has been made possible by a collective effort that starts from the passionate skilled staff who work vigorously for this company, a competent and dedicated board of directors and our supportive stakeholders. We stay committed to keep delivering on the promise made to our customers, shareholders, and the country at large to continue STRENGTHENING RWANDA.”
Established in 1984, CIMERWA Plc has over three decades worth of experience as Rwanda’s first and only integrated cement manufacturer. The firm’s production plant is in Bugarama, Rusizi District near the South-West border of Rwanda.
CIMERWA Plc is the only cement company in Rwanda to mine raw materials, produce the clinker concentrate, pack, and sell cement for general and civil construction. CIMERWA Plc is committed to building strong partnerships with leaders and members of the local community. In the process, the firm has helped set up various initiatives geared at improving the livelihoods of the people. These include a nursery and primary school, medical clinic, a market, a tailoring workshop and providing them with clean, piped water among many others.
For more information please contact.
Mr. Godfrey Kamukunde
Head of Corporate Affairs & Company Secretary,
Email: [email protected]