Bamburi Cement Group Plc has defied the coronavirus (COVID-19) effects to record a pre-tax profit of Ksh 213 million in its half year results through June up from Ksh 23 million in the corresponding period last year.
The company attributed the growth in its profits to the swift implementation of “health, cost and cash” action plan adopted by the group at the onset of the COVID-19 pandemic that helped mitigate the adverse impact of the crisis.
However, the pandemic impacted total turnover leading to a 13 percent decline to Ksh 16.2 billion compared to Ksh 18.7 billion in 2019.
Its profit after tax grew to Ksh 721 million compared to Ksh 393 million the previous year occasioned by a tax credit of Ksh 508 million arising from the adjustment of deferred tax liability in line with the new corporate tax rate in Kenya of 25 percent.
Group managing director Seddiq Hassani noted that despite depressed demand the improved performance is a testament of Bamburi Cement Group’s business resilience.