{"id":13549,"date":"2020-08-29T19:32:38","date_gmt":"2020-08-29T19:32:38","guid":{"rendered":"https:\/\/www.africa-press.com\/kenya\/?p=13549"},"modified":"2020-08-29T19:32:38","modified_gmt":"2020-08-29T19:32:38","slug":"tax-credit-lifts-bamburi-profit","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/economy\/tax-credit-lifts-bamburi-profit","title":{"rendered":"Tax credit lifts Bamburi profit"},"content":{"rendered":"<p><strong>Author:\u00a0James Wanzala\u00a0<\/strong><br \/>\n<strong>AfricaPress-Kenya:<\/strong> Bamburi Cement\u2019s profit after tax grew to Sh721 million for the first six months of this year, helped by a Sh508 million tax credit.<\/p>\n<p>The cement maker reported Sh393 million net profit in the same period last year.\u00a0The credit arose from the adjustment of deferred tax liability in line with the new corporate tax rate in Kenya of 25 per cent.\u00a0Seddiq Hassani, the\u00a0group managing director, said the\u00a0improved performance was indication of the firm\u2019s business resilience\u00a0amid depressed demand due to the coronavirus-related disruptions.<\/p>\n<p>\u201cWe are pleased to have delivered positive results in the first half of 2020 and we will continue to optimise on reducing production-related costs, logistics, raw materials and service to our customers to drive topline growth,\u201d he said.<\/p>\n<p>\u201cThese measures are delivering results as the group is registering cost savings and improved cash generation to counter the decline in topline.\u201d\u00a0Turnover fell by 13 per cent to Sh16.2 billion compared to Sh18.7 billion in 2019, due to the adverse effects of the Covid-19 pandemic.\u00a0John Simba, the Bamburi chair, said the adverse impact of Covid-19 is expected to carry on into the second half of 2020.<\/p>\n<ul class=\"list-group readmore my-3\">\n<li style=\"list-style-type: none\"><\/li>\n<\/ul>\n<p>He added that the group\u2019s priority continues to be the implementation of necessary measures to enhance business resilience and to protect the health and safety of employees and their families during the pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Author:\u00a0James Wanzala\u00a0 AfricaPress-Kenya: Bamburi Cement\u2019s profit after tax grew to Sh721 million for the first six months of this year, helped by a Sh508 million tax credit. The cement maker reported Sh393 million net profit in the same period last year.\u00a0The credit arose from the adjustment of deferred tax liability in line with the new [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":13553,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[3419,479,3417,2772],"class_list":["post-13549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-bamburi-cement","tag-jobs","tag-seddiq-hassani","tag-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tax credit lifts Bamburi profit - kenya<\/title>\n<meta name=\"description\" content=\"Bamburi Cement\u2019s profit after tax grew to Sh721 million for the first six months of this year, helped by a Sh508 million tax credit.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/economy\/tax-credit-lifts-bamburi-profit\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax credit lifts Bamburi profit\" \/>\n<meta property=\"og:description\" content=\"Bamburi Cement\u2019s profit after tax grew to Sh721 million for the first six months of this year, helped by a Sh508 million tax credit.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/economy\/tax-credit-lifts-bamburi-profit\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-29T19:32:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/08\/tax_credit_lifts_bam5f495d13515cd.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"766\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/tax-credit-lifts-bamburi-profit#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/tax-credit-lifts-bamburi-profit\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Tax credit lifts Bamburi profit\",\"datePublished\":\"2020-08-29T19:32:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/tax-credit-lifts-bamburi-profit\"},\"wordCount\":233,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/tax-credit-lifts-bamburi-profit#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/08\/tax_credit_lifts_bam5f495d13515cd.jpg\",\"keywords\":[\"Bamburi Cement\",\"Jobs\",\"Seddiq Hassani\",\"Tax\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/economy\/tax-credit-lifts-bamburi-profit#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/tax-credit-lifts-bamburi-profit\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/economy\/tax-credit-lifts-bamburi-profit\",\"name\":\"Tax credit lifts Bamburi profit - 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