Bamburi Cement has reported flat growth in its net profits for the full year ended December 2016.
The cement maker posted a profit after tax of Sh. 5.89 billion for the year from Sh5.87 billion in 2015, which was a 0.3 per cent rise.
“Profit before tax was slightly below 2015 at Sh8.3 billion on account of lower currency gains from holding large foreign cash balances due to stability in currency environment in 2016,” it said yesterday. “Overall, there was a marginal reduction in volumes into inland Africa export markets and intense competition particularly in the individual home-builder segment impacting prices in some markets.”
The company’s turnover fell to Sh38 billion from Sh39.2 billion in 2015. The value of assets also dropped to Sh33.76 billion from Sh34.33 billion.
The company announced that its shareholders will get a final dividend of Sh. 6 per share, bringing the total 2016 payout to shareholders to Sh. 12 per share.
This will be lower than the Sh. 13 per share dividend payout received in 2015.
