Managing Director Pradeep Paunrana says outlook for the industry remains positive
Kenya’s 3rd largest cement manufacturer, Athi River Mining (ARM) has posted a 16 per cent increase in pre-tax profit for the H1 of 2010, in a sector struggling with sulky sales.
The company’s unaudited results for the period indicate that pre-tax earnings rose from Sh449 million same period in 2009 to Sh519 million. The turnover for the company went up by 19 per cent from Sh2.4 billion to Sh2.8 billion, of which the cement sales brought in 53 per cent.
According to the firm’s managing director Mr Pradeep Paunrana, the volumes for cement are still growing both locally and regionally pointing out that new players have taken a sizable share of the market.
“Outlook for cement industry growth is still very good. The company continues to be confident of the outlook for its businesses. Economic environment and demand for products is expected to remain positive,” said Mr Paunrana.
ARM is currently building a 1.5 million-tonne yearly plant in Tanga, Tanzania, with construction scheduled for completion in H1 2012. The company has also commissioned cement expansion plant at Kaloleni in Mombasa and expects to commission Athi River plant in the Q4 of 2010.
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