CIMERWA Plc Profits Grow By Record 179%

Cement maker CIMERWA Plc on Thursday released its Final financial results for the period ended 30 September 2021.

The Company posted the year record Profit Before Tax of Rwf 5.4 billion, a +179% increase compared to the previous year.

The Company closed the year on strong footing with Revenue of Rwf 67.3 billion (+7% versus last year), Profit After Tax at Rwf 4.1 billion (+111% better than last year), and Earnings Per Share improving by +111% to reach 5.86.

“We have achieved strong financial results in the year ending 30 September 2021 despite the effects of various Covid-19 lockdowns during the period,” said John Officer, the Chief Finance Officer.

“This excellent performance was driven by growth in revenue as the business executed its route-to-market strategy so as sustain the dominant market share position as well as margins. In addition, prudent cost management initiatives were implemented across the business as reflected in the cost of sales remaining flat year-on-year.”

Chief Executive Officer, Albert Sigei said: “It was a difficult year with continued COVID-19 disruptions but nevertheless, it was gratifying to see the Company making a strong contribution to allow Rwanda’s critical construction activities to progress smooth- ly. We are ready to exploit the projected growth of the Rwanda and neighboring export markets with adequate stocks and capacity in place to service the trade and major infrastructure projects. We remain firmly in support of the ‘made in Rwanda’ strategy and are keenly taking actions to defend our domestic market share and expand our exports.”

The CEO added: “These exceptional results reflect the resilience of CIMERWA Plc and the impact of the solid foundation that has been laid by the Board and Management. It also confirms that we are uniquely positioned to tap into the immense growth potential in Rwanda and the Great Lakes region while confidently riding the waves of challenges brought on by the COVID-19 pandemic. I must appreciate the collaborative effort starting from our skilled and committed workforce, a solid Board of Directors, and supportive stakeholders. All of this puts us in pole position to keep delivering our brand promise – of 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 located in Bugarama, Rusizi District near the Southwestern border of Rwanda.

CIMERWA Plc says it 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 several 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.

More photos below from the event today announcing the results