Africa-Press – Rwanda. Rwanda’s largest cement manufacturer, Cimerwa Plc, has announced the appointment of Mangesh Verma as the company’s new chief executive officer.
Verma is a former general manager for commercial and operations at Kenya’s United Millers Limited where he worked for more than 10 years.
“Effective 1st July 2024 Mr. Mangesh Verma was appointed as the new Chief Executive Officer of CIMERWA, succeeding Mr. James Oduor,” the company said in a statement on Monday, August 19.
The outgoing chief executive, Oduor, took over Cimerwa’s leadership in January last year as the company was in the process of being acquired.
Cimerwa was acquired by Kenya’s National Cement Holdings Limited in a deal that concluded this year.
Verma takes over the leadership after Cimerwa has acquired Prime Cement, another cement manufacturer.
Outlook
Last week, Cimerwa reported its nine months financials ending June 30, with profit after tax growing by 22.3 per cent to Rwf11 billion, and earnings per share improving by 22.3 per cent to Rwf16.17.
Revenue remained flat at Rwf72.9 billion mainly due to a pause of production for 42 days to give room for upgrade of kilns.
The company’s total assets increased by 8.2 per cent to Rwf115.7 billion. It bought all assets of Prime Cement, another strategic cement producer in the country.
Cash and cash equivalents stood at Rwf10.6 billion, 12 per cent down. This was attributed to the advancement of Rwf11 billion towards expansion works at its plant.
Interim dividend declared at the end of June 30 was Rwf13 billion, which translates to Rwf18.76 dividend per share.
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