Nairobi Securities Exchange (NSE) listed ARM Cement has posted a 28 per cent increase in profit after tax in the first six months of this year, on increased cement sales.
The cement maker on Tuesday said that it invested Ksh2.01 billion ($23.4 million) between January and June this year, generated from operating activities mainly into a new clinker plant that it is putting up in Tanga, Tanzania.
The company is expecting to increase production regionally when the new clinker plant is complete.
Half year profits after tax for the period ended June 2013 rose to Ksh702.69 million ($8.1 million) from Ksh552.31 million ($6.2 million) for the period ended June 2012.
“Rhino Cement is gaining market presence across the region and the Tanzania operations are progressing as per plan,” said ARM Cement in a statement.
Revenues rose by 28 per cent to Ksh6.49 billion ($75.5 million) in the first six months of this year from Ksh5.07 billion ($57.5 million) over the first six months of last year.
ARM Cement’s share, whose last traded price was Ksh65 ($0.749) has been one of the best performing at the NSE this year having appreciated by 46.07 per cent from Ksh44.50 ($0.52), its closing price at the end of 2012.
On December 27 last year, the cement maker split each share into five when the price was at Ksh223 ($2.59) meaning that as at the close of trading on Tuesday, a share would have been priced at Ksh325 ($3.74) if the split had not taken place.