TANZANIA Portland Cement Plc (Twiga) has registered a profit increase of 4.4 per cent in this year’s quarter one (Q1), pushed by increasing demand of the product in the market.
Twiga financial report, released recently, showed its profit slightly jumped up to 24bn/- in three months to March compared to 23bn/- in a similar quarter last year.
The statement showed profit increase is attributed to increased demand for cement from both local and international markets leading to increasing of production machinery and efficiency.
“Our product’s demand from both local and outside customers has contributed to this year’s performance,” said Twiga Chairman Mr Hakan Gurdal.
He added, since the cement demand has been growing steadily within the country and to the East African regions in recently years, Twiga is well placed to meet the growing demand by improving efficiency and operating performance.
“Twiga is focusing on delivering excellent customer service, selling of high quality products and maintaining strong customer relationships,” he said.
Additionally, the cement company, with a total of 434bn/- in assets, managed to increase its revenue by 16 per cent to 135bn/- in Q1 from 116bn/- in similar quarter, last year.
Moreover, it is also showed in the report that the company operating profit moved up by 4.0 per cent to 33bn/- from 32bn/- compared to last year, in a similar quarter.
According to financial statement, the slightly increase of the company operating profit attributed to other operating income which increased by 3.4 per cent to 807m/- from 237m/-.