Twiga Cement posts strong H1, 2022 performance on booming infrastructural sector

The Tanzania Portland Cement Public Limited Company (TPCPLC) trading as Twiga Cement in the market delivered strong results during the first half of this year on increased demand for cement products according to the company’s unaudited results.

The DSE listed company recorded an increase in both sales volume and revenue increasing by 7.9 per cent as compared to the same period last year.

The company’s total assets during the first six months this year grew to 364.8bn/- as compared 339.6bn/- posted last year according to the company’s unaudited results

According to the H1 results, the company’s Profit Before Tax increased to 67.3bn/- as compared to 66.0bn/- posted during the same period last year.

The company’s Gross Profit also increased to 88.2bn/-during the same period while its operating profit grew to 65.1bn/- posted during the same period last year.

“The increase is due to increased demand of the demand for cement products within Tanzania and outside Tanzania notably in infrastructural projects,” according to a financial statement seen by The Business Wiz.

The growing demand for cement has been growing over year due to implementation of Government’s strategic infrastructure projects that require bigger quantities of the product.

But According to the company’s Board Chair Hakan Gurdal, Twiga Cement is well placed to meet this growing demand.

“However the ongoing turbulence is putting pressure on operating margins given rising costs and logistical challenges for lead times critical materials and spare parts,” he said.