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Bamburi Cement posts 13pc decline in revenue owing to the COVID-19 crisis

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NAIROBI, Kenya, Jul 28- Cement manufacturer Bamburi has announced a 13 percent decline in its revenues to hit Sh16.2 billion compared to Sh18.7 billion it had registered in a similar period last year.

The company has said that its operations were not spared by the coronavirus wrath that has seen other companies across the country witness dwindling profits in the half year earnings.

“Since the beginning of the pandemic, there has been a gradual decline in activity in the building and construction industry driven by construction site closures. Lower than prior year selling prices have also been experienced due to change in product mix and prevailing market conditions,” the company said in a statement Friday.

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The firm’s operating costs reduced by 24 per cent to Sh133 million.

Other gains and losses increased to Sh116m from a loss of Sh61 million in the period ended 30th June.

This was attributed to the strengthening of the Uganda shilling against other major currencies, particularly the Kenya Shilling.

Cash arising from operations was Sh3 million which is a 40percent increase from Sh1.2 million in the same period last year.

Bamburi expects the impact of the pandemic to continue affecting the business in the second phase of the year.

 

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