- IDDY MWEMA
Twiga Cement, listed on Dar es Salaam
Stock Exchange, announced during its Annual General Meeting held in Dar
es Salaam yesterday that the dividend had risen from 267/- in 2014 to
306/- in 2015. The surge was the results of profit going up to 56.2bn/-
despite depreciation of the shilling that had an impact on fuel, spares
and quarry services.
The Twiga Cement Managing Director, Mr
Alfonso Rodriguez, said 2015 was a year for consolidation for the
company with especial focus on management control and cost reduction.
“Focus on management control and cost reduction has led to an increase
of net profit by three per cent,” Mr Rodriguez said in his presentation
during the 24th AGM.
The cement firm also reported an
increase of 21.6 per cent in sales volume resulted in a boost of 18 per
cent on the company’s net revenue.
The MD said Twiga plans to expand
services to other countries inside and outside East Africa after
remarkable successes in serving Rwanda, Burundi and Congo. This is a way
forward to release pressure and dependency from the domestic market and
increase its profit in the coming years through exports. In the field
of environment, being the only cement industry using natural gas, TPCC
promised with its mission of protecting the environment.
“The Tree Nursery Project continued to
be active with more than 110,000 grown and planted in our efforts for
quarry reforestation,” he noted. The MD also complemented the fifth
phase government on tax collection saying the move will provide fair
competition environment.
The dividends raise expectation pushed
up by Twiga Cement share price on Wednesday after appreciating by 12.5
per cent to 2,700 a stock. Last year the company targeted to produce 1.5
million tonnes up from 1.4 million tonnes produced in 2014. The
increased capacity follows last year’s commissioning of a new
700,000-tonne production line.
TPCC is well placed to meet this growing
demand after investing in expansion of its capacity, together with
rehabilitation of the old clinker line
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