DRC, Malawi markets raise Tanga cement profits

By The guardian reporter

TCCL board chairperson, Lawrence Masha

Tanga Cement Company Limited (TCCL) may put on broad smiles after the firm’s of board of directors decided to offer a dividend of 7bn/- following a net profit of 32,456.234m/- posted.


The profit was largely attributed to the company’s extended export footprint from Rwanda and Burundi to include Malawi and Democratic Republic of Congo.

Speaking to shareholders at the company’s twentieth Stakeholders’ Annual General Meeting in Dar es Salaam at the weekend, TCCL board chairperson, Lawrence Masha said that in 2013 the company celebrated a significant milestone and successes in executing its strategy and living up to its brand promise of being the pride of the nation.

“The board has recommended a final dividend of 60/- per share (55/- in 2012) amounting to a total dividend of 3.8bn/-, this brings the accumulated dividend for the year to 110/- per share (100/- in 2012), a total of 7bn/- for the full year,” he said.

“We are proud of our contribution towards the development of Tanzania and more importantly, to the lives of the many people we are able to touch and enhance through our business activities,” he said.

He said that Tanzania has continued to maintain overall macroeconomic stability, which has been a fundamental factor behind the positive economic growth, demand for cement products, both locally and from the export markets, remains high.

Masha further noted that despite the increase in low priced imports and changes in the competitive landscape, their high quality products and sound relationships with customers enable them to thrive in the fiercely competitive environment.

He also underscored that it’s vital for the government to intervene and stop substandard imports of cement into the local market while encouraging contractors of infrastructure projects to use locally produced cement.

For his part, the Managing Director of TCCL, Reinhardt Swart said that last year, the economy grew by over 7 percent stimulating further economic development within the country, as a reputable company trading under its brand name Simba Cement, Tanga Cement was well positioned to make the most of opportunities in the market.

“Cement demand in neighbouring countries also remained at relatively high levels and the group extended its export footprint from Rwanda and Burundi to include Malawi and Democratic Republic of Congo,” he said.

He pledged that his firm will continue to assist communities focusing on issues of health, education, community development and the environment. Last year the company spent a total of 324m/- on various community project across the country. 

SOURCE: THE GUARDIAN