DAR ES SALAAM, TANZANIA - The Tanga Cement company, renowned as ‘Simba Cement’ has posted a net profit growth of 6.0 %, despite key challenges and critical issues that faced the cement industry last year.
The company outperformed its own profitability targets and recorded a net profit of Tshs 32.2b (US$ 21.20 million) last year (2010) as compared to Tshs 30.4b ($20 million) recorded in 2009.
The year 2010 was rocked by the removal of suspended import duties which impacted on growth of imported cement.
“But the listed company at Dar es Salaam Stock Exchange (DSE) weathered it all and managed to post a significant performance in almost all key performance indicators,” Tanzania Securities Chief Executive Officer Moremi Marwa said. The CEO was commenting on the firm’s weekly market commentary saying the key indicators among others were high margins, underlying sales growth, strong cash flow, above average earnings, yields and dividend payouts. According to the financial results posted recently, Simba Cement’s revenue grew by 24 % to Tshs149.2b ($98.15 million) compared to Tshs119.9b ($78.88 million) recorded in pervious year.
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