AfricaPress-Tanzania: TANZANIA Portland Cement (TPC Plc) net profit has increased by a third despite stiff competition and business hardship brought by Covid-19 pandemic.
The cement company that trades as Twiga, a market leader, net profit rose by over 33 per cent to 34.94bn/- in the first half of this year from 26.19bn/- realized during a similar period last year.
Twiga Chairman, Hakan Gurdal said in a statement on Tuesday that the profit increase was the result of revenue increase that went up almost 13 per cent to 181.45bn/-, despite business uncertainty.
“Despite strong competition in the cement manufacturing industry and uncertainties brought about by Covid-19, [we] delivered a strong operation result compared to [last year],” the chairman said.
Twiga, listed on Dar es Salaam Stock Exchange (DSE), also said the prospects look good due to increase of cement demand in the country and the East African region.
“[We are] well positioned to meet this growing demand, and will continue to work to maintain [our] market leadership and position,” Mr Gurdal said.
The cement firm remains a major contributor to the Tanzanian economy and society through government taxes, technology improvements, new investments, compliance with international business standards, community development programmes, fair employment and by leading the industry not only in performance but also, and most importantly, in building the nation.
TPC Plc is fully committed towards sustainability and Social Corporate Responsibility and continues to take all necessary measures to improve its performance with regard to the health and safety and human rights of its employees, good governance and protection of the environment.
Furthermore, the company continued to support nonprofit organizations, schools and government institutions working to advance education, protect the environment, and strengthen communities around the country.
For example, during the year 2019, the company intentionally and thoughtfully contributed to changing lives of communities surrounding the plant, and beyond.
