Africa-Press – Rwanda. Cement maker CIMERWA has announced an interim dividend of Rwf14.5 billion following a solid financial performance for nine months, ending June 30, according to its unaudited financial results released on Thursday, September 25.
As per the manufacturer, dividend per share is estimated at Rwf20.62 subject to withholding tax. Payment to shareholders is due October 18.
Results highlights
The nine-month performance data show CIMERWA’s revenue rose by 50 per cent to Rwf109.17 billion, compared to Rwf72.87 billion in June 2024.
The company indicated that the revenue increase in the period is largely attributed to the acquisition of Prime Ciment in Musanze in July 2024.
Profit before tax stood at Rwf11.2 bn, which is 23 per cent lower than the previous period. This, it pointed out, was partly due to an increase in key input costs coupled with a continued devaluation of the Rwandan franc.
The performance drove its Earnings Per Share (EPS) to Rwf16.05, a reduction of 1 per cent compared to the previous year EPS of Rwf16.17.
Overall, total assets surged to Rwf215.6 billion in 2025, up from Rwf115.7 billion a year earlier.
Speaking to The New Times, CIMERWA Chief Executive Officer, Mangesh Kumar Verma, clarified the rationale behind the company’s interim dividend declaration and provided insights into its financial strategy and market performance.
In terms of year-on-year performance, Verma said the company expects a slight decrease in profit compared to last year but observed that it will be more than the dividend projected to be paid, once the performance of quarter 4, which ends on September 30, is factored in.
Talking about the factors for the drop in profit, he also cited the implementation of a market penetration strategy aimed at recapturing the domestic market through imported cement substitution.
“So, under market penetration strategy, we dropped the price,” he said. “Yes, our revenue has gone up, but to make the cement more affordable for the common man, we dropped the price, what price we were selling at January 2024. The drop in price was more than 10 per cent,” he stated.
For instance, he noted that in January 2024, a 50kg sack of cement was selling at around Rwf11,000. Today, it’s around Rwf9,500.
Another factor, he said, is the cost of sales that also rose due to the depreciation of the franc and other inflationary pressures.
He also pointed out a significant import cost pressure for clinker, an essential material in making cement.
“Our profit margin is also impacted because in our Musanze plant, we are using the imported clinker and that is affecting [us]. That is the reason we have decided to have our own clinkerisation plant in Musanze,” Verma said.
Looking ahead, the CEO said the company is not focused on drastically increasing profit margins in the short term, but rather on strategic adjustments that will ensure long-term sustainability.
He said that the company also expects improved cement export performance and overall margins in 2025–2026 to “be much better.”
Outlook
CIMERWA management is optimistic about the performance of Rwanda’s economy.
The country’s economy expanded by 7.8 per cent in the second quarter of 2025, and CIMERWA management observed it has remained resilient and adaptable despite challenging external and domestic factors, revealing a continued upward trend in the country’s economy. GDP growth is expected to remain strong in 2025-26.
The company is also advancing with major plant expansion projects aimed at meeting the demand for large-scale infrastructure developments, such as the New Kigali International Airport under construction in Bugesera.
Simultaneously, CIMERWA stated it keeps updating its route-to-market strategies to capture high-potential segments while strengthening its presence in existing markets.
Based on such strategic initiatives and a strong foundation already in place, the company expressed optimism in delivering improved operational performance and enhanced financial results in the future.
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