Tanzania Twiga Cement has posted a six per cent increase in pre-tax profit in the first nine-month of the year thanks to surging cement demand within and outside the country.
Financial statement of the Dar es Salaam Stock Exchange (DSE) listed cement maker issued yesterday show pre-tax profit jumped up by 6.0 per cent to 100.53bn/- in nine months to September compared to 94.82bn/- in a similar period last year.
Twiga, a brand name of Tanzania Portland Cement Public Limited Company, said its revenue increase was due to the continued demand for cement products within and outside the country.
“Cement demand in Tanzania and the East-African region has been growing steadily in recent years.
The cement revenue rose by 9.0 per cent to 358.33bn/- but the cost of sales of 226.23bn/- ate almost two-thirds of the income thus affecting its net profit at the end of the day.
“The high availability and efficiency of the plant and machinery have contributed to the improved performance compared to the same period 2021,”
Twiga said.
The firm share was traded at 3,700/- at the end of last week.
Last month, Twiga cement’s parent company bid to acquire a controlling stake in Tanga Cement hit a snag after the Fair Competition Tribunal (FCT) blocked the planned takeover because it was contrary to the law.
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